In the graph showing the Phillips curve, a higher inflation rate goes along with ______.
a. a higher unemployment rate
b. an identical unemployment rate
c. a lower unemployment rate
d. an indeterminate unemployment rate
c. a lower unemployment rate
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Long-run unemployment in the classical model is considered to be impossible because
A) flexible prices and wages keep workers fully employed. B) the government will intervene to aid the unemployed. C) job placement and training programs are rampant in the United States. D) the labor supply is horizontal.
Refer to Table 2.1. GDP in 2012 is
A) $190.00. B) $199.50. C) $215.00. D) $267.50.
If new firms enter a cartel market, the probability that the cartel will survive ________ if the cartel ________.
A) increases; includes or excludes the new firms from the agreement B) increases; excludes the new firms from the agreement, but not if the cartel includes the new firms C) decreases; excludes the new firms from the agreement, but not if the cartel includes the new firms D) decreases; includes or excludes the new firms from the agreement
The study of economics would be superfluous if __________ did not exist
a. demand b. capital c. corporations d. profit e. scarcity