When people became less concerned with the underlying value of their houses and instead focused on the expectations of the prices of their houses increasing, ________ occurred.
A) an automatic destabilizer B) a housing bubble
C) a supply shock D) stagflation
Question 2
Refer to Figure 28-7. Consider the Phillips curves depicted in the graph above. The Fed announces its intention to decrease inflation from 10 percent to 5 percent per year, and it succeeds.
If the assumptions of the rational expectations school hold true, and the Fed's announcement is credible, the rate of unemployment will be ________ in the short run.
A) less than 5.5 percent B) 5.5 percent
C) between 5.5 and 7.5 percent D) 7.5 percent
In 2006 an Iraqi tribunal convicted Saddam Hussein of murdering his own people and sentenced him to
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