Contrary to what the Phillips curve would have predicted, the U.S. economy in the 1970s experienced simultaneous increases in inflation and unemployment
a. True
b. False
Indicate whether the statement is true or false
True
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Suppose you solve the profit maximization problem for a single-input, price-taking producer whose technology is given by src="https://sciemce.com/media/3/ppg__cognero__Chapter_11_One_Input_and_One_Output_A_Short_Run_Producer_Model__media__59179cfd-ca3e-489f-aabb-5a92da40ce1d.PNG" style="vertical-align: -13px;" width="79px" height="38px" align="absmiddle" /> Might 
The labor demand function is 
a. Suppose 
in fact be the correct labor demand function? Explain.
b. Suppose 
Might 
in fact be the correct labor demand function? Explain.
c. Intuitively explain how (b) might arise from the profit maximization problem.
What will be an ideal response?
The paradox of value is illustrated by the fact that
A) a pound of bread is cheaper than a pound of gold. B) teens buy designer jeans. C) if diamonds were free they would no longer be useful for engagement rings. D) gold and diamonds occupy little space.
The international debt crisis of early 1982 was precipitated when ________ could not pay its international debts
A) Russia B) Mexico C) Brazil D) Malaysia E) China
Which statement is true?
A. The recessions of 1973-1975 and 1981-1982 were both mild. B. The recessions of 1973-1975 and 1981-1982 were both severe. C. The recession of 1973-1975 was mild; the recession of 1981-1982 was severe. D. The recession of 1973-1975 was severe; the recession of 1981-1982 was mild.