Demand-pull inflation happens during periods of full employment in the business cycle when demand for goods and services is growing faster than supply

The economic theory of labor markets suggests that wages are determined by labor supply and labor demand

a. True b. False Indicate whether the statement is true or false

Use the following formula to answer the indicated question: Benefit amount = Maximum award - 0.4 (Wages in excess of ceiling) Rafael is retired and earns $15,000 per year working part-time. He is entitled to a maximum Social Security retirement benefit of $14,000. Social Security regulations allow him to earn $10,000 and still get maximum benefits. Rafael's total income, including Social Security benefits, is

A. $29,000. B. $27,000. C. $25,000. D. $15,000.