Economist A. W. Phillips found a negative correlation between wage inflation and unemployment.
Answer the following statement true (T) or false (F)
True
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During World War II, a labor shortage emerged in some markets. New recruits into the civilian labor force included
(a) teenage females. (b) married women. (c) retired people 65 years of age or older. (d) all of the above.
The largest U.S. welfare program is
a. Aid to Families with Dependent Children b. Medicaid c. Social Security d. unemployment compensation e. food stamps
Prince is currently consuming some of good X and some of good Y. If good Y is a normal good for Prince, then an increase in his income will definitely cause him to
a. increase his consumption of X. b. increase his consumption of Y. c. decrease his consumption of X. d. decrease his consumption of Y.
Exhibit 10-4 Kinked demand curves
In Exhibit 10-4, the exhibit represents a kinked-demand oligopoly model. Suppose the current price is $50. If one firm in the oligopoly now attempts to raise price, all firms will:
A. follow along demand curve D1. B. follow along demand curve D2. C. ignore this price increase and cause the price-raising firm to move along D1. D. ignore this price increase and cause the price-raising firm to move along D2.