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Textbooks / Business / Principles of Economics 6 / Chapter 35 / Problem Problems and Applications 35.1

Suppose the natural rate of unemployment is 6 percent. On one graph, draw two Phillips

Principles of Economics | 6th Edition | ISBN: 9780538453059 | Authors: N. Gregory Mankiw ISBN: 9780538453059 472

Solution for problem Problems and Applications 35.1 Chapter 35

Principles of Economics | 6th Edition

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Principles of Economics | 6th Edition | ISBN: 9780538453059 | Authors: N. Gregory Mankiw

Principles of Economics | 6th Edition

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Problem Problems and Applications 35.1

Suppose the natural rate of unemployment is 6 percent. On one graph, draw two Phillips curves that describe the four situations listed here. Label the point that shows the position of the economy in each case. a. Actual inflation is 5 percent, and expected inflation is 3 percent. b. Actual inflation is 3 percent, and expected inflation is 5 percent. c. Actual inflation is 5 percent, and expected inflation is 5 percent. d. Actual inflation is 3 percent, and expected inflation is 3 percent.

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Ch. 6 Thursday, September 29, 2016 9:38 AM Contract: a legally binding agreement -­ Elements (going to be on the test): 1. A good offer 2. A good acceptance 3. Genuineness of assent 4. Capacity, Consideration, Legality -­ Formed under state law; every state has its own contract law, BUT –they are basically the same ○ Varying terminology -­ Common Law Contracts: general; what we will be talking about -­ Some contracts NEED to be in writing ○ Ex: real estate contracts -­ Bilateral contract:

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Textbook: Principles of Economics
Edition: 6
Author: N. Gregory Mankiw
ISBN: 9780538453059

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Suppose the natural rate of unemployment is 6 percent. On one graph, draw two Phillips