Suppose the issuer of a bond fails to pay some of the interest or principal that was promised to the bondholders. This failure is referred to as a

The natural unemployment rate and the expected inflation rate are constant when moving along the ________, which shows a tradeoff between ________ and ________

A) short-run Phillips curve; inflation; employment B) long-run Phillips curve; inflation; unemployment C) aggregate demand curve; inflation; employment D) aggregate supply curve; inflation; unemployment E) short-run Phillips curve; inflation; unemployment

Michael decides to hire some additional workers for his roofing company. The equilibrium wage is $17 per hour. Efficiency wage theory suggests that it is reasonable for Michael to offer

a. $17 per hour. b. less than $17 per hour because some people would be willing to work for less. c. less than $17 an hour to prevent shirking. d. more than $17 per hour in order to attract a better pool of applicants.