In the late 1970s, U.S. nominal interest rates were high and real interest rates were low, but in the late 1990s, U.S. nominal interest rates were low and real interest rates were high
a. True
b. False
Indicate whether the statement is true or false
True
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In economics, the accumulated skills and training that workers have is known as
A) physical capital. B) human capital. C) innovation. D) entrepreneurship.
The truth of the MPP=MRP condition has been implicitly accepted by most businesses while not explicitly recognizing its legitimacy
Indicate whether the statement is true or false
To promote economic efficiency, government should
a. keep all prices as low as possible. b. keep all prices high so that people will save more money. c. allow the market to set low prices for abundant goods and high prices for scarce goods. d. never interfere with firms' price setting powers.
Zero economic profit means that the firm's owners receive no compensation for their investment
a. True b. False Indicate whether the statement is true or false