AWPhillips Collected Data on the Rate of Change in Money

question 75

Multiple Choice

A.W.Phillips collected data on the rate of change in money wages and plotted it against unemployment rates in the United Kingdom.The curve he fit to the data showed that

• A) the rate of change of money wage rates and unemployment rates were inversely related.
• B) the rate of change of money wage rates and unemployment rates were directly related.
• C) the rate of change of money wage rates and unemployment rates were independent.
• D) as money wage rates increased,the unemployment rate was cut in more than half.

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Definitions:

Dependence

The state of relying on or being controlled by someone or something else.

Incur Costs

To become subject to or bear expenses, often as a result of conducting activities, making decisions, or entering into transactions.

Norms and Values

Socially shared rules and expectations that guide behavior within a group, alongside the fundamental beliefs and ideals that bring a community together.

Social Structures

Patterns of organized relationships and social institutions that together compose society, guiding and constraining individual behaviors.