Macro Economic Misery Diminished During the First Reagan Administration,which Means

question 134

Multiple Choice

Macro economic misery diminished during the first Reagan administration,which means that the Phillips curve

• A)Maintained its position despite important changes in the composition of the labor force.
• B)Shifted to the left,thereby implying an easing of the trade-off between inflation and unemployment.
• C)Shifted to the right,thereby implying that stagflation had become a more acute problem than before.
• D)Flattened out,thereby implying that some amount of inflation is consistent with any rate of unemployment.

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Definitions:

Fair Value

The sum one would obtain from selling an asset or the cost to move a liability in a smooth exchange among market players on the date of valuation.

Biological Asset

A living animal or plant.

AASB 141

Refers to the accounting standard issued by the Australian Accounting Standards Board that deals with agriculture and requires biological assets to be measured at their fair value less estimated point-of-sale costs.

IAS 41

An International Accounting Standard that outlines the accounting for agricultural activity, including the transformation of biological assets (living plants and animals) into agricultural produce.