Use the following table to answer the next question.YearUnemployment Rate (%)Inflation Rate (%)14.03.024.52.535.02.045.53.056.04.5Consider years 1, 2, and 3. Based on this data, the Phillips curve is ________.
A. upward sloping
B. vertical
C. of indeterminate slope
D. downward sloping
Answer: D
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In order to determine if the quantity of goods and services that an hour's work can buy has increased or decreased between 2000 and 2012, one should compare the
A) 2000 nominal wage with the 2012 nominal wage. B) 2000 real wage with the 2012 nominal wage. C) 2000 real wage with the 2012 real wage. D) 2000 nominal wage with the 2012 real wage. E) 2000 nominal wage with the 2012 nominal wage and the 2000 real wage with the 2012 real wage because both are important factors determining if workers can buy more or fewer goods with an hour's work.
A system of universal medical insurance would tend to ________ the ________ for medical services
A) increase; elasticity of demand B) decrease; elasticity of demand C) decrease; quantity demanded D) decrease; non-monetary payments
The voices of business and industry are less likely to influence government policy than the voices of consumers in the HPAE
Indicate whether the statement is true or false
Economic rent applies to
A) land only and nothing else. B) real property only. C) all resources. D) any resource in fixed supply.