During a recession, there is a(n) ________ the short-run Phillips curve, while during an expansion there is a(n) ________ the short-run Phillips curve
A) upward movement along; downward movement along
B) movement closer to; movement further from
C) downward movement along; upward movement along
D) leftward shift of; rightward shift of
E) rightward shift of; leftward shift of
C
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Which of the following is TRUE regarding the real wage rate? The real wage rate
I. is always greater than the money wage. II. measures the quantity of goods and services an hour's work can buy. A) only I B) only II C) both I and II D) neither I nor II
The major factor affecting a nation's balance of payments is
A) an increase in its rate of unemployment. B) its rate of inflation relative to the rate of inflation of its trading partners. C) a change in the productivity of its labor. D) its stock market movements.
One reason the Chinese buy a great deal of U.S. government debt is because:
A. they have dollars left over from the sale of their goods to the U.S. and want to buy something dollar denominated. B. the risk involved is lower for U.S. government bonds than for any other government bond in the world. C. the rate of return for U.S. government bonds is higher than any other investment. D. owning US debt is a sign of economic prosperity for China.
Because people move into and out of the labor force so often, statistics on unemployment are difficult to interpret
a. True b. False Indicate whether the statement is true or false