Suppose, as in the 1970's in the U.S., that demographic groups which typically have higher unemployment rates become a larger percentage of the labor force. Would this have any effect on the long-run Phillips curve?
Since this would raise the natural rate of unemployment, the long-run Phillips curve would shift to the right.
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In a decision tree, the difference between a decision node and a terminal node is that
A) at a decision node all participants make the same decision, while at a terminal node different players may make different decisions. B) at a decision node a decision must be made, while a terminal node shows the payoff. C) at a decision node a decision must be made, while at a terminal node the final decision must be made. D) at a decision node all participants are free to make individual decisions but at a terminal node they must agree on a collective decision.
A decrease in the number of dry cleaners in an area is represented by a(n):
a. downward movement along the dry cleaning supply curve. b. upward movement along the dry cleaning supply curve. c. leftward shift in the dry cleaning supply curve. d. rightward shift in the dry cleaning supply curve. e. vertical dry cleaning supply curve.
The rule of rational choice: a. requires the availability of complete information before decisions can be made. b. can only be applied in business decisions
c. involves "marginal thinking." d. is the basis on which only greedy people make decisions.
Whatever specific form it takes, the excise tax is regressive
Indicate whether the statement is true or false