A decrease in the unemployment rate which is accompanied by an decrease in the inflation rate is represented by a ________ the Phillips curve
A) movement down
B) movement up
C) upward shift of
D) downward shift of
D
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In 1933 the unemployment rate was about 25%. This percentage
(a) is probably quite accurate because the data on unemployment collected by the federal government was quite good at the time. (b) is probably too high because some people with jobs claimed to be unemployed so that they could collect unemployment compensation payments. (c) is probably too low because there were discouraged and underemployed workers. (d) is probably meaningless because the data on unemployment was either very poor or nonexistent.
If the government sets a minimum price at which a good or service can be sold, it thereby creates
A) a price ceiling. B) a black market price. C) a price floor. D) an illegal price control.
The marginal product curve:
A. typically decreases at low levels of input, but increases as input increases. B. cannot be negative, since total output cannot be negative. C. shows how many extra outputs are created with each additional input. D. None of these is true.
A country can have a comparative advantage in the production of a good, even if it does not have an absolute advantage in the production of that good
a. True b. False Indicate whether the statement is true or false