[Online Document Assignment:]
EIA Activity: The 1970s in Reverse
Click on the links on the right to answer the following questions.
Use Link 1 to answer the following questions. True or False: From 1861 to 1957, A.W.H. Phillips studied wage inflation and unemployment in the United Kingdom.
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True or False: According to A.W.H. Phillips, the lower the unemployment rate, the faster firms had to raise wages in order to attract workers.
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Use link 2 to answer the following questions. True or False: From January 2007 to January 2010, the U.S. unemployment rate increased from roughly 4% to 10%.
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True or False: In December 2014, the unemployment rate in the United States was 8%.
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Use Link 3 to answer the following questions. True or False: From January 2009 to January 2010, the United States experienced deflation.
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True or False: In December 2014, the inflation rate in the United States was 0.80%.
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What does the natural rate of unemployment refer to? Discuss.
What is the natural rate of unemployment equal to? Discuss.
Can the natural rate of unemployment ever change? If so, how? Discuss.
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