Which of the following is TRUE about firms organized along functional lines?
a. Workers find it difficult to develop functional expertise
b. Workers can easily share information within their division
c. They inhibit the exploitation of economies of scale
d. All of the above
b
Economics
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During an economic boom, output exceeds potential output
Indicate whether the statement is true or false
Economics
In 1968, economist Milton Friedman published a paper criticizing the Phillips curve on the grounds that
a. it seemed to work for wages but not for inflation. b. monetary policy was ineffective in combating inflation. c. the Phillips curve did not apply in the long run. d. Phillips had made errors in collecting his data.
Economics