Economist A.W. Phillips found a negative correlation between
a. output and unemployment.
b. unemployment and the interest rate.
c. output and the interest rate.
d. wage inflation and unemployment.
d
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The increase in spending that occurs because domestic goods become cheaper relative to foreign goods when the price level falls is known as the
A) interest rate effect. B) price effect. C) international trade effect. D) wealth effect.
Which always increase(s) as output increases?
A) Marginal Cost only B) Fixed Cost only C) Total Cost only D) Variable Cost only E) Total Cost and Variable Cost
Suppose a basket of goods and services has been selected to calculate the CPI and 2009 has been selected as the base year. In 2007, the basket's cost was $64; in 2009, the basket's cost was $68; and in 2011, the basket's cost was $70 . The value of the CPI in 2011 was
a. 97.14. b. 100.10. c. 102.94. d. 109.38.
Which of the following statements is FALSE?
A. The production function shows the technical relationship between a firm's inputs and outputs. B. The production function presents the technically efficient methods of combining inputs to produce output. C. Included in the firm's short-run production function are both fixed and variable inputs. D. An efficient firm can obtain more output than the production function shows.