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d. minimum wage laws.
44. Inflation is defined as
a. a period of rising productivity in the economy.
b. an increase in the overall level of output in the economy.
c. a period of rising income in the economy.
d. an increase in the overall level of prices in the economy.
ANSWER: d. an increase in the overall level of prices in the economy.
45. The tradeoff between inflation and unemployment is called
a. the Laffer curve.
b. the Lorenz curve.
c. the Demand curve.
d. the Phillips curve.
ANSWER: d. the Phillips curve.
