According to -------------------- , when real GDP is -------------------- percentage points greater than potential GDP, the unemployment rate is one percentage point -------------------- the natural unemployment rate.
A) Phillip's Law; four; above
B) Say's Law; two; above
C) Okun's Law; four; below
D) Okun's Law; two; below
E) Keynes' Law; two; below
Correct Answer:
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Q27: Moving along the short-run Phillips curve, if--------------------increases
Q28: Okun's Law says that the difference between
Q29: If real GDP exceeds potential GDP, then
Q30: The natural rate hypothesis concludes that when
Q31: The short-run Phillips curve is --------------------curve along
Q33: If the Fed tries to lower the
Q34: Suppose potential GDP is $100 billion and
Q35: The long-run Phillips curve is the relationship
Q36: Changes in which of the following do
Q37: When an economy experiences a recession there
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