Phillips's research looked at British data on
A. inflation and nominal wage growth.
B. unemployment and nominal wage growth.
C. unemployment and output.
D. unemployment and inflation.
Answer: B
You might also like to view...
The slope of a straight line increases as the numbers on the x-axis become larger
Indicate whether the statement is true or false
Which of the following is responsible for holding bank reserves?
A. The Federal Reserve Board of Governors. B. The 12 regional Federal Reserve banks. C. The Executive Branch of government. D. The Fed chairman.
Suppose the CPI does indeed overstate the inflation rate. When the CPI increases by 5 percent and household incomes increase by 5 percent, we should conclude that real incomes of households have:
A. increased. B. increased more slowly than has inflation. C. stayed constant. D. decreased.
The owner of Tie-Dyed T-shirts, a perfectly competitive firm, has hired you to give him some economic advice. He has told you that the market price for his shirts is $20 and that he is currently producing 200 shirts at an AVC of $15 and an ATC of $25. What would you recommend to him?
A. To shut down in the short run, as he is incurring a loss, and to leave the industry in the long run, if there are no changes in economic conditions. B. To continue producing in the short run, as his loss from production is less than his fixed costs, but to exit the industry in the long run if there are no changes in economic conditions. C. To continue to produce in the short run, even though he is earning a loss, and to expand in the future with the hope of increasing market share and total revenue. D. You tell him you cannot make any recommendations until you know what his fixed costs are.