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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.
...........................is a major mechanism through which new genetic material is generated during molecular evolution.
Agroforestry system in which long fodder crops are grown to protect the soil, mulching and to prevent erosion.
Nitrate levels in drinking water above mg/litre are considered us human health hazard
Global warming potential of methane is
Term Mitosis is coined by?
C4 plants utilize the Hatch and Slack pathway for carbon fixation, which allows them to thrive in hot and dry climates. Among the following, which plant...
According to Planning commission, Indian region is divided into how many agro climatic zones?
The practice of growing more than one crop on the same field at the same time in a definite row pattern, called………………
...Under NRLM, a revolving fund of Rs _____ is given to every SHG which follows Panchsutras of regular meetings, savings, internal lending, recoveries, and...
About half of the essential plant nutrients are macronutrients; among which is foremost vital to form carbohydrates, proteins, nucleic acids and other c...