You're the president of the United States and your economic advisor tells you that the economy is in a state of stagflation. Are you happy? Stagflation refers to
a. inflation and low unemployment
b. high unemployment and low levels of inflation
c. high inflation, high unemployment, and low economic growth
d. low inflation, low unemployment, and low economic growth
e. low inflation, low unemployment, and high economic growth
C
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The tables above show the labor market and the production function schedule for the country of Pickett. Potential GDP is ________
A) $40 trillion B) $9 trillion C) $14 trillion D) $25 trillion
Which of the following is a reason why it is difficult to estimate the extent of economic discrimination in the labor market?
A) Differences in wages can be attributed to many other factors as well, such as differences in productivity and preferences. B) Ultimately, employers who discriminate cannot remain profitable. C) Employers who discriminate pay an economic penalty. D) Employers who discriminate are likely to do so in overt ways such as awarding some workers with benefits-in-kind.