Milton and phelps argued with the concept of phillips curve because it cannot work in the long run to become aware of aggregate demand and supply.
Government could not trade higher priced goods for lower employment. The phillips curve could accurately guide policy and procedure makers in short run or for a short period of time. This cause a relative negative relation between rate of employment and wage labor curve.
It is argued by the two economists when the nominal rates and wages were adjusted finally. It also states inverse relationship between the various curves operating respect in the economy. It is a upward rising curve.
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Answer:
453,600 To record sale of units
Explanation:
Unit Price Sales
Finished goods 8400 54 453600
Answer: c) greater volume than any competitor can
Explanation:
Absolute advantage refers to the ability of an individual or country to produce a greater volume of goods or services than its competitors can. Suppose, a worker in country A can produce 50 bushels of wheat in a day, while a worker in country B can produce 30 bushels of wheat in a day. Then country A has an absolute advantage in production of wheat as it can produce a greater volume in a day.
Thus, c) greater volume than any competitor can is the correct option.
Answer:
The answers are:
A) 25.23 million people
B) 70.28%
C) 4.92 million people
D) 19.50%
Explanation:
Laborland's total labor force can be calculated by adding those who are employed and those who are unemployed but were searching for a job during the last month.
- 4.6 million (part-time employed) + 15.71 million (full-time employed) + 3.2 million (looked for a job two weeks ago) + 1.72 million (looked for a job between two and four weeks ago) = 25.23 million people
Laborland's labor force participation rate can be calculated by dividing the labor force by the total population.
- (25.23 million / 35.9 million) x 100% = 70.28%
Laborland's total unemployed can be calculated by adding the number of people without a job that searched for a job during the last month.
- 3.2 million + 1.72 million = 4.92 million people
Laborland's unemployment rate can be calculated by dividing the total number of unemployed people by the total work force.
- (4.92 million / 25.23 million) x 100% = 19.50%
