The Phillips Curve shows the trade-off between
a. unemployment and output
b. inflation and output
c. rates of unemployment and inflation
d. imports and exports
e. unemployment and inflation
C
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A deadweight loss is created
A) only if the last unit produced has a marginal social benefit greater than its marginal social cost. B) only if the last unit produced has a marginal social cost greater than its marginal social benefit. C) only if the last unit produced has a marginal social benefit equal to its marginal social cost. D) if for the last unit produced, marginal social cost is greater than its marginal social benefit or if its marginal social benefit is greater than its marginal social cost.
The four-firm concentration ratio for an industry is
a. the number of firms in the industry, divided by four. b. the share of industry output sold by the four largest firms in the industry. c. the percentage of total industry profits claimed by the four largest firms. d. the share of industry output sold by the fourth largest firm in the industry.
When a government program is justified not on its merits but on the number of jobs it will create,
a. the program is an efficient use of taxpayer dollars. b. it should be approved only if the unemployment rate is low. c. taxes should be raised to fund the program. d. it is known as the "broken window fallacy.".
The negative slope of the value of marginal product curve is most easily explained by
a. tight labor markets. b. a surplus of workers. c. diminishing marginal product. d. diminishing marginal cost.