In a famous article published in 1958, A.W. Phillips 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
a. True
b. False
Indicate whether the statement is true or false
True
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Pennsylvania's largest grower of fresh-to-market tomatoes announced in March 2009 he will no longer produce the crop. The acreage he previously devoted to tomatoes and pumpkins will be converted to field corn that is harvested by machines
Of the following, which could have led to the shift from labor intensive tomato production to field corn? A) The market price of tomatoes increased. B) Farm workers' reservation wage fell. C) The wage rate for farm workers increased. D) All of the answers are true.
Refer to Figure 4-4. The figure above represents the market for iced tea. Assume that this is a competitive market. Which of the following is true?
A) Both 10,000 and 30,000 are economically inefficient rates of output. B) If the price of iced tea is $3, consumers will purchase more than the economically efficient output. C) If the price of iced tea is $3, the output will be economically efficient but there will be a deadweight loss. D) If the price of iced tea is $3, producers will sell 30,000 units of iced tea but this output will be economically inefficient.
Figure 7-7
In Figure 7-7 at 100 units, AFC equals
A. 10. B. 100. C. 180. D. 1,000.
Which of the following is FALSE?
A. Assuming that the law of diminishing marginal utility holds, the demand curve must be upward sloping. B. A consumer is maximizing total utility when he or she gets the same amount of marginal utility from the last dollar spent on each good purchased. C. As additional units of a good or service are consumed, marginal utility diminishes. D. Utility is want-satisfying power.