The Phillips Curve shows the trade-off between:
a. unemployment and output.
b. inflation and output.
c. unemployment and inflation.
d. imports and exports.
e. unemployment and imports.
c
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A country is categorized as a low-income economy by the World Bank if its per capita income is below:
a. $1,000. b. $100. c. $10,000. d. $50. e. $5,000.
The law of diminishing returns to labor implies that
a. capital is more productive than labor b. workers become less efficient once they have a secure job c. output increases at a decreasing rate with the employment of new workers d. employers pay workers a wage rate that is less than the workers' MRP e. capital is less productive than labor
One of the basic principles of economics is that markets are usually a good way to organize economic activity. This principle is explained by the study of
a. factor markets. b. energy markets. c. welfare economics. d. labor economics.
The following is cost information for the Creamy Crisp Donut Company: Entrepreneur's potential earnings as a salaried worker = $50,000 Annual lease on building = $22,000 Annual revenue from operations = $380,000 Payments to workers = $120,000
Utilities (electricity, water, disposal) costs = $8,000 Value of entrepreneur's talent in the next best entrepreneurial activity = $80,000 Entrepreneur's forgone interest on personal funds used to finance the business = $6,000 Refer to the data. Creamy Crisp: A. has lower implicit costs, including a normal profit, than its explicit costs. B. is earning a normal profit but not an economic profit. C. is earning an economic profit. D. is suffering an economic loss, when implicit costs are considered.