All points on the long run Phillips curve that are sustainable in the long run due to economy's self correcting mechanism correspond to
a. the mature rate of unemployment.
b. the natural rate of unemployment.
c. the seasonal rate of unemployment.
d. the cyclical rate of unemployment.
b
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In economics, the accumulated skills and training that workers have is known as
A) physical capital. B) human capital. C) innovation. D) entrepreneurship.
Movements in GDP
A) differ greatly from movements in GNP. B) do not differ greatly from movements in GNP. C) are not allowed to differ at all from movements in GNP by definition. D) need to be inflation adjusted in order to match movements in GNP. E) are not relevant to an examination of national income.
The European Union can impose fines of up to ________ percent of the guilty firm;s worldwide total revenue.
A) 100 B) 5 C) 10 D) 25
If the firm hires 8 workers, the total amount of fixed costs equals
a. $6200 b. $1000 c. $600 d. $1200