Loans are:
a. assets of banks, liabilities of borrowers.
b. liabilities of banks, assets of borrowers.
c. assets of banks and their borrowers.
d. liabilities of banks and their borrowers.
Question 2
Consider a nation experiencing the relationship illustrated by the short-run Phillips curve. An increase in both unemployment and inflation in this nation over the next ten years can be explained by:
a. a downward movement along the short-run Phillips curve.
b. a series of outward shifts of the short-run Phillips curve.
c. an upward movement along the short-run Phillips curve.
d. a series of inward shifts of the short-run Phillips curve.
e. a complete change in the slope of the Phillips curve.
Joseph Banks
Joseph Banks
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