In which of the following actions is Agatha committing wage discrimination?
a. by paying Bob, who is very productive, more than everyone else
b. by paying everyone equally regardless of education or skill
c. by paying Asian employees less than white employees for the same job
d. by paying women managers more than women hourly workers
c. by paying Asian employees less than white employees for the same job
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The price level in the economy between 2014 and 2015 rose from 100 to 105. Between 2015 and 2016, the price level rose from 105 to 110.25. How does the short-run Phillips curve predict the unemployment rate will change as a result?
A) The unemployment rate will decrease since inflation decreased. B) The unemployment rate would not change since there is no change in the rate of inflation. C) The unemployment rate will increase since inflation increased. D) The unemployment rate will decrease since inflation increased.
An unsterilized intervention in which the central bank sells foreign assets to purchase domestic currency will result in
A) higher domestic interest rates. B) lower domestic interest rates. C) an increase in the money supply. D) lower domestic interest rates and an increase in the money supply.
According to the theory of comparative advantage, countries gain from trade because
a. Trade makes firms behave more competitively, reducing their market power. b. All firms can take advantage of cheap labor. c. Output per worker in each firm increases. d. World output can rise when each country specializes in what its does relatively best. e. Every country has an absolute advantage in producing something.
Starting from potential output, if firms become less optimistic about the future and decide to decrease their investment in new capital, then this will generate a(n) ________ gap and inflation will ________.
A. recessionary; decrease B. recessionary; increase C. expansionary; increase D. expansionary; decrease