The average hourly wage (excluding benefits) in the United States is currently around
A. $7.25
B. $15.50
C. $20.00
D. $26.00
Answer: D
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The short-run Phillips curve presents a tradeoff because a
A) lower unemployment rate can be achieved at the cost of a higher inflation rate. B) higher inflation leads to a higher nominal interest rate. C) lower unemployment rate can be achieved at the cost of a lower inflation rate. D) higher price level leads to a lower real GDP. E) higher unemployment rate can be achieved at the cost of a higher inflation rate.
An increase in the price level results in a(n) ________ in household consumption spending and a(n) ________ in investment spending
A) decrease; increase B) increase; decrease C) increase; increase D) decrease; decrease
Employers choose to offer efficiency wages because:
A. they give employees an incentive to work hard to keep their jobs. B. it will reduce turnover, saving the employer time and money to hire and train new workers. C. it has proven to make workers more productive. D. All of these are true.
If a good is inferior, then whenever the compensated demand curve intersects the uncompensated demand curve:
A. the uncompensated demand curve is steeper than the compensated demand curve. B. the compensated demand curve is steeper than the uncompensated demand curve. C. both curves will have the same slope. D. the compensated demand curve will be upward-sloping.