Which of the following will tend to occur as a result of a reduction in the proportion of a country's workers who have indexed wages?
A) the unemployment rate will be relatively low.
B) the unemployment rate will be relatively high.
C) the inflation rate will be relatively low.
D) a given change in the unemployment rate will cause a relatively smaller change in the inflation rate.
E) none of the above
D
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A relative price is the
A) slope of the demand curve. B) difference between one money price and another. C) slope of the supply curve. D) ratio of one money price to another.
If the newspaper reported that wearing plaid clothing was a sure way to obtain good grades, students'
A) budget lines would shift rightward to compensate for the higher price of plaid clothing. B) budget lines would rotate so that more plaid clothing would be purchased. C) preferences would change in favor of more plaid clothing. D) none of the above
Refer to the above payoff matrix for the profits (in $ millions) of two firms (A and B) and two pricing strategies (high and low). Which of the following is the outcome of the dominant strategy without cooperation?
A) Both firm A and firm B choose the high price. B) Both firm A and firm B choose the low price. C) Firm A chooses the low price while firm B chooses the high price. D) Firm A chooses the high price while firm B chooses the low price.
In economics, the term "marginal" usually refers to
a. a small change in an economic variable b. a low-quality product or resource c. an unimportant and irrelevant economic variable d. an all-or-nothing economic decision e. a footnote or minor point