Based on the Work of Economist A

question 88

Multiple Choice

Based on the work of economist A.W. Phillips, economists concluded that

• A)there is no trade-off between inflation and unemployment.
• B)high inflation rates are associated with low unemployment rates.
• C)unemployment can be effectively combated by raising wages.
• D)higher rates of inflation are associated with higher rates of unemployment.

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Definitions:

Social Loafing

The tendency of some people to avoid responsibility by ‘free‐riding’ in groups.

Poor Work Ethics

The lack of commitment to professionalism and responsibility in the workplace, often resulting in substandard work performance.

Anti-Synergy

A situation in which the combined effect of a group or system's parts is less beneficial than the sum of their individual effects.

Free Riders

Free riders are individuals or entities that benefit from resources, goods, or services without paying for them or contributing to their provision, often seen in contexts involving public goods or collective efforts.