Most restaurant customers tip according to a percentage rule – between 15-25 percent of the bill.
September 3, 2020
a new version of the SAT is given to 1000 randomly selected high school seniors. The sample mean test score is 1110 and standard deviation is 123.
September 3, 2020

2. Discuss the following statements.

a. The Phillips curve implies that when unemployment is high, inflation is low, and vice versa. Therefore, we may experience either high inflation or high unemployment, but we will never experience both together.

b. As long as we do not mind having high inflation, we can achieve as low a level of unemployment as we want. All we have to do is increase the demand for goods and services by using, for example, expansionary fiscal policy.

c. In periods of deflation, workers resist reductions in their nominal wages in spite of the fact prices are falling.

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