The graph of the short-run relationship between the unemployment rate and inflation is called a(n)

In equilibrium, with diminishing marginal products, the slope of the PPF is equal to:

a. the ratio of prices for the products. b. the slope of the highest possible indifference curve. c. the ratio of the marginal products of labor. d. the ratio of prices for the products, the slope of the highest possible indifference curve, and the ratio of the marginal products of labor.

Which of the following is true? a. A person's wage or salary is his or her opportunity cost of leisure

b. Any time that is spent working for a paid job is known as the time spent in leisure. c. An individual's decision to work in a low paying job or a high paying job is known as the labor-leisure tradeoff. d. A person who works more also always get to enjoy more leisure time. e. If an individual labor supply curve bends backward at some high wage, then the market supply curve also bends backward.