Refer to the diagram for a specific economy. Which of the following best describes the relationship shown by this curve?
A. The demand for labor is large when the rate of inflation is low.
B. When the rate of unemployment is high, the rate of inflation is high.
C. The rate of inflation and the rate of unemployment are inversely related.
D. The rate of inflation and the rate of unemployment are directly related.
C. The rate of inflation and the rate of unemployment are inversely related.
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When the demand for a good is inelastic, that good is likely to have:
A. many close complements. B. few close substitutes. C. many close substitutes. D. few close complements.
If the Apple corporation sells a bond it is
a. borrowing directly from the public. b. borrowing indirectly from the public. c. selling shares of ownership directly to the public. d. selling shares of ownership indirectly to the public.
If a union raises the wage in its industry above equilibrium then employment in that industry
a. and non-unionized industries falls. b. falls and employment in non-unionized industries rises. c. rises and falls in non-unionized industries. d. and non-unionized industries rises.
There has been a decrease in the demand for socks. This change can be shown graphically as a:
A. shift in the demand curve to the left. B. shift in the demand curve to the right. C. movement along the demand curve to the right. D. movement along the demand curve to the left.