During the contraction phase of the business cycle
a. employment and output are both rising
b. employment and output are both at a peak
c. employment and output are both at their lowest
d. employment and output are both falling
e. employment is falling and output is rising
D
Economics
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Janet Yellen, Chair of the Federal Reserve, must choose whether tomorrow she meets with the Secretary of the Treasury or with the Congress regarding the financial crisis. This choice reflects the
A) fact that Ms. Yellen faces scarcity. B) concept of entrepreneurship. C) fact that Ms. Yellen responds to incentives. D) use of capital.
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The assumption that wages adjust more slowly than prices implies that the Phillips Curve
A) exists in the short-run. B) exists in the long-run. C) is vertical. D) does not exist.
Economics