An increase in the price of oil shifts the
a. short-run Phillips curve right and the unemployment rate rises.
b. short-run Phillips curve right and the unemployment rate falls.
c. short-run Phillips curve left and the unemployment rate rises.
d. short-run Phillips curve left and the unemployment rate falls.
a
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Because the minimum wage is not indexed to inflation, when there is inflation the nominal minimum wage ________, and the real minimum wage ________.
A. decreases; remains constant B. increases; decreases C. remains constant; remains constant D. remains constant; decreases
If the owners of different types of resources, which are combined to produce an output, agree on organizational relationships that define their responsibilities toward one another they have formed a _____
a. group b. company c. distribution network d. team
Economic efficiency indicates that
a. if something is worth doing, you should do it as well as humanly possible. b. all pollution should be eliminated. c. automobiles should be made as safe as possible d. it nearly always makes sense to stop an activity well before perfection is achieved.
If the price of a good rises by 10% and the percentage decrease in the total amount consumers spend on the good is 5%, then the good is
A. inelastic. B. elastic. C. unit elastic. D. perfectly inelastic.