According to monetarists view, in the long-run, the Philips curve
Monetarists argue that in the long run there is no Philip curve trade-off as Long Run AS is inelastic. If there is an increase in aggregate demand, then workers demand higher nominal wages. When they receive higher nominal wages, they work longer hours because they feel real wages have increased. (their price expectations are based on last year). However, this increase in AD causes inflation, and therefore, real wages stay the same. When they realise real wages are the same as last year, they change their price expectations, and no longer supply extra labour and the real output returns to its original level. Therefore, unemployment remains unchanged, but we have a higher inflation rate. Hence in long run, the Philip curve is vertical.
A typical 'agraharam' house comprises of a stone bench in the verandah and an open courtyard in the middle of the house.
Find the erroneous part of the given sentence. If none of the parts contains error, mark ‘No Error’ as your answer.
The news (A) / about t...
Dell's Unified Workspace helps you to (A) / blemish your workforce with (B) / the most top-notch solution that (C) / deploys, secures, manages and suppo...
The transitional challenges from the actual operation of the new indirect tax regiment could feeding for the mix of factors retarding momentum.
Angered over the delay in giving compensation; factory workers shouted slogans against the president when he reaches the office.
I will reach there at 12 AM (a) / but don’t worry when (b) / I am late. (c) / No error (d)
Read each sentence to find out whether there is any error in it. The error, if any, will be in one part of the sentence. Mark the part with the error as...
The quality of goods are very good but the shopkeepers have not been able to deal with the falling demand and rising cost of production of the commoditi...
(A) It was not at all clear at the / (B) time which his work /(C) would transcend the ages / (D) No error.
Indore was one of the prominent musical centres in the 18thcentury with huge patronagefrom the Holkar Court before being replacedby the Awadh...