Worldwide statistics prove that, when economies experience recessions, unemployment rates rise and wages fall.
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Q83: The long run Phillips curve assumes that
Q84: According to the theory of rational expectations,
Q85: If the Fed follows a high-growth monetary
Q86: The pursuit of low unemployment rates must
Q87: Wages are said to be "sticky downwards"
Q89: If nominal wages are contractually fixed and
Q90: The reservation wage is the minimum wage
Q91: Wage contracts force businesses to adjust wages
Q92: A fiscal policy that changes over time
Q93: The shape of the long-run Phillips curve
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