The long-run Phillips curve indicates that the consequences of trying to reduce unemployment below its natural rate would be:
a. an ever-rising rate of unemployment.
b. an inflation rate equal to zero.
c. a very high uncontrollable rate of inflation.
d. a very low rate of inflation.
e. a natural rate of unemployment equal to zero.
Question 2
A nonbinding price floor i. causes a surplus. ii. causes a shortage. iii. is set at a price above the equilibrium price. iv. is set at a price below the equilibrium price.
a. (iii) only
b. (iv) only
c. (i) and (iii) only
d. (ii) and (iv) only
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