Cost-push inflation will reduce supply and lower real output and employment which will eventually generate an "economic recession".
<h3>What is economic recession?</h3>
The National Bureau of Economic Research (NBER) describes a recession as "a large fall in economic activity distributed across the economy, lasting more than a few months."
Some characteristics of economic recession are-
- Recessions are marked drops in economic activity that can endure for several months or even years.
- When a country's economy faces negative gross domestic product (GDP), growing unemployment, declining retail sales, and contraction income and manufacturing metrics over an extended period of time, experts declare a recession.
- Recessions are regarded as an inevitable component of the economic cycle, or the predictable rhythm of expansion and recession in a country's economy.
- The organisation bases its decision on a variety of variables, such as GDP, real income, employment, industrial production, and consumer spending.
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Answer:
Answer is C. The marginal product of labor increases at a slower rate than the decline in employment.
Explanation:
As an economy recovers from a recession, the observed level of labor productivity tends to decline, Why? Because the marginal product of labor increases at a slower rate than the decline in employment.
Answer:
a body of laws and legal principles (kinda like ethics) within a governing body (federal and state agencies). Congress delegates these agencies to make sure they are doing what they are suppose to do, it can create new laws as long as these new laws protects the public interest.
Some of these agencies consist of Federal Trade Commission , Securities and Exchange Commissions, and Environmental Protection Agencies (independent but in direct control of the President).
The Administrative Procedure Act provides the rules and powers these agencies are allowed to act upon.
***hopefully that helps***
Explanation:
Answer: The marginal benefit of $2500 is greater than the marginal cost of $1700 for the new waitress.
In economics, a rational decision is a decision where the total benefit equals or exceeds the costs associated with that decision.
In this case, Carroll's diner pays the new waitress $1700, but is able to earn $2500 by serving customers more quickly. Since the diner earns $800 (2500 -1700) more than the cost paid to the waitress, we can say that hiring an additional waitress is a rational economic decision.