In most of the 1970s, the Fed's policy created expectations of high inflation
a. True
b. False
Indicate whether the statement is true or false
True
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The price elasticity of the supply of teenage labor services is approximately 1.36. Suppose the minimum wage rises from $7.25 per hour to $8.75. Using the midpoint formula, what is the approximate change in the quantity of teenage labor supplied?
A) 7.3 percent B) 14.4 percent C) 25.5 percent D) There is insufficient information to answer the question.
If the marginal productivity of labor decreases, then
A) the quantity of labor demanded at every possible wage rate will be less. B) the quantity of labor demanded at every possible wage rate will be higher. C) the quantity of labor demanded will not be affected. D) the demand curve for labor will shift upward and to the right.
Which of the following corresponds to the definition of the supply curve?
a. It depicts a positive relationship between income and quantity supplied b. It depicts a positive relationship between technology and prices c. It depicts a positive relationship between prices and quantity supplied d. It depicts a negative relationship between prices and quantity supplied e. It depicts a proportional relationship between prices and quantity supplied
In the real world, wage negotiations typically do not drag on for years:
A. because the company can simply offer the split that would eventually occur if the two sides played all the rounds. B. unless the employees play an ultimatum game using a union to negotiate. C. because neither a company nor employees can afford to not work for that long. D. None of these statements is true.