The relationship between output and employment is known as
A) the Phillips curve.
B) the Beveridge curve.
C) the Diamond paradox.
D) Okun's Law.
D
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In the specific factors model, a 5% decrease in the price of food accompanied by a 5% decrease in the price of cloth will cause ________ in the welfare of labor, ________ in the welfare of the fixed factor in the production of food, and ________ in
the welfare of the fixed factor in the production of cloth. A) no change; no change; no change B) an increase; an increase; an increase C) a decrease; an increase; an increase D) an increase; a decrease; a decrease E) a decrease; a decrease; a decrease
Which government entity calculates GDP in the United States on a quarterly basis?
A) the Treasury Department B) the Commerce Department C) the Federal Reserve D) all of the above E) none of the above