The gross domestic product of a country is $500,000. If its income per worker of the population is $100, the size of its employed labor force is ________
A) 5,000 B) 200 C) 8,000 D) 2,500
A
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If firms and workers have rational expectations, including knowledge of the policy being used by the Federal Reserve, the short-run Phillips curve will be
A) vertical. B) flatter in the long run than it is in the short run. C) negatively sloped. D) positively sloped.
When each box in an organization chart contains individuals who specialize in some field, then the activities in the organization are categorized by _____
a. divisionalization b. functionalization c. decentralization d. de-integration
According to the political business cycle theory, if the Fed wanted to see a President re-elected, prior to the election it might
a. buy bonds to raise interest rates. b. buy bonds to reduce interest rates. c. sell bonds to raise interest rates. d. sell bonds to reduce interest rates.
Briefly describe the Phillips curves and its associated trade-offs.
What will be an ideal response?