The short-run Phillips curve differs from the long-run Phillips curve with regard to the way:
A. unemployment is treated.
B. wages are treated.
C. prices are treated.
D. expected inflation is treated.
Answer: D
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The total labor hours that all the firms in the economy plan to hire during a given time period at one particular real wage rate is the
A) demand for labor. B) supply of labor. C) quantity of labor demanded. D) quantity of jobs supplied. E) quantity of labor supplied.
Which of the following groups tends to have the highest unemployment rate in the United States?
a. African American teenagers b. Workers, age 25 or older, who are college graduates c. White women d. Workers, 25 years of age or older, who are high school dropouts e. White teenagers
(Consider This) In 2000, McDonald's introduced its McSalad Shaker, which failed to catch on with the public and was subsequently dropped from the menu. This failure illustrates the idea of:
A. consumer sovereignty. B. technological change. C. downsloping demand. D. specialization.
Refer to Figure 9-3. Without the quota, the domestic price of peanuts equals the world price which is $2.00 per pound. What is the quantity of peanuts demanded by domestic consumers in the absence of a quota?
A) 10 million pounds B) 28 million pounds C) 30 million pounds D) 40 million pounds