The economy contains many labor markets for different types of workers
a. True
b. False
Indicate whether the statement is true or false
True
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The simplest device to analyze dynamic decisions is a
A) one-period model. B) two-period model. C) model that includes only the number of years of a typical consumer's lifetime. D) continuous time model.
Joe's income is $500, the price of food (F) is $2, and the price of shelter (S) is $100. Which of the following bundles is in Joe's opportunity set?
A) 50 units of food, five units of shelter B) 200 units of food, two units of shelter C) 100 units of food, one unit of shelter D) 150 units of food, three units of shelter
If the unemployment rate is below the natural rate, then
a. inflation is less than expected. As inflation expectations are revised the short-run Phillips curve will shift right. b. inflation is less than expected. As inflation expectations are revised the short-run Phillips curve will shift left. c. inflation is greater than expected. As inflation expectations are revised the short-run Phillips curve will shift left. d. inflation is greater than expected. As inflation expectations are revised the short-run Phillips curve will shift right.
The aggregate supply curve slopes upward because as price rises, the quantity of output supplied rises.
Answer the following statement true (T) or false (F)