A.W. Phillips collected data on the rate of change in money wages and plotted it against unemployment rates in the United Kingdom. The curve he fit to the data showed that
A) the rate of change of money wage rates and unemployment rates were inversely related.
B) the rate of change of money wage rates and unemployment rates were directly related.
C) the rate of change of money wage rates and unemployment rates were independent.
D) as money wage rates increased, the unemployment rate was cut in more than half.
A
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Which of the following statements is true?
A. The United States today comes closer to the socialist form of economic organization than it does capitalism. B. When central planners set prices above equilibrium for goods and services they create shortages. C. According to Karl Marx, under capitalism, workers would be exploited and would revolt against the owners of capital. D. Adam Smith argued that government's role in society would be to do absolutely nothing.
When countries trade with each other, does it result in a gain for everybody?
A. No. Producers of a good that is imported would be hurt. B. No. Consumers of a good that is imported would be hurt. C. No. Producers of a good that is exported would be hurt. D. Yes. All producers and consumers from both exporting and importing countries will gain.
Which of the following is an example of an agency concerned with social regulation?
A) Federal Communications Commission B) Securities and Exchange Commission C) Consumer Product Safety Commission D) Federal Energy Regulatory Commission
When people donate money to a charity, they behave
A. in a way that only makes themselves worse off. B. rationally if the act gives them satisfaction. C. in an unpredictable manner because the act involves bounded rationality. D. irrationally because the act does not benefit anyone.