Based on the work of economist A.W. Phillips, economists concluded that
A) there is no trade-off between inflation and unemployment.
B) high inflation rates are associated with low unemployment rates.
C) unemployment can be effectively combated by raising wages.
D) higher rates of inflation are associated with higher rates of unemployment.
Ans: B) high inflation rates are associated with low unemployment rates.
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Which of the following environmental approaches is most appropriate when surveillance and enforcement is impractical?
A. Direct controls B. Emissions tax C. Volunteerism D. Tradable emission permits
If the firm were a perfect competitor in the long run, what price would it charge?
When the government develops policies to stabilize the economy:
A. these policies are unaffected by the multiplier effect. B. only expansionary fiscal policy is impacted by the multiplier effect. C. it needs to consider the multiplier effect for all fiscal policies. D. only contractionary fiscal policy is impacted by the multiplier effect.
Around 1973, the U.S. economy experienced a significant ________ in productivity growth, coupled with a ________ in the growth of real wages.
a. pickup, pickup b. slowdown, slowdown c. slowdown, pickup d. pickup, slowdown