Arnold Economics 15 Word Scramble
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| Question | Answer |
| What is the Original Phillips Curve? | A curve showing the (negative) relationship between inflation and unemployment. |
| Milton Friedman believed that there was a short run trade-off between inflation and unemployment. | True |
| Milton Friedman believed that there was a long run trade-off between inflation and unemployment. | False |
| What is the term for high inflation and high unemployment? | Stagflation |
| What is the Natural Rate of Unemployment? | The unemployment rate the economy tend toward in the long run. |
| The economy can be in a long run equilibrium if the expected inflation rate is equal to the actual inflation rate. | False |
| The model that says that people form their expectations for a variable (such as inflation) based on the past values of the the variable. | Adaptive Expectations |
| The model that says that people form their expectations for a variable (such as inflation) by including their predictions of effects of government policy. | Rational Expectations |
Created by:
bscollier
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