In his famous article published in an economics journal in 1958, A.W. Phillips
a. used data for the United States to show a negative relationship between the rate of change of the U.S. consumer price index and the U.S. unemployment rate.
b. used data for the United States to show a negative relationship between the rate of change of wages in the U.S. and the U.S. unemployment rate.
c. used data for the United Kingdom to show a negative relationship between the rate of change of the U.K. consumer price index and the U.K. unemployment rate.
d. used data for the United Kingdom to show a negative relationship between the rate of change of wages in the U.K. and the U.K. unemployment rate.
d
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Frictional unemployment is:
A. short-term unemployment that is associated with the process of matching workers with jobs. B. the extra unemployment that occurs during periods of recession. C. the additional unemployment not captured in official statistics resulting from discouraged workers and involuntary part-time workers. D. the unemployment that results when people retire or leave the labor force.
The type of unemployment created by the normal rate of reentry and entry into the labor force is
A) frictional unemployment. B) structural unemployment. C) cyclical unemployment. D) seasonal unemployment.
The resource market is the same as the product market except that, in the resource market:
a. the demand curve slopes upward. b. the households are the sellers and the firms are the buyers. c. there is no substitution effect. d. the supply curve is perfectly inelastic. e. there is no income effect.
Rents can be derived from any factor used in production
Indicate whether the statement is true or false