The Keynesian view is that the aggregate supply curve is vertical
a. True
b. False
Indicate whether the statement is true or false
False
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Non-inflation-adjusted ("nominal") gasoline prices reached their all-time highs in
A. 2001. B. 2008. C. 1991. D. 1982.
In the above figure, what is the magnitude of the marginal rate of substitution (MRS) at point a?
A) 1/2 B) the rate at which the consumer will give up magazines to purchase more CDs while preferring the new combination to the old C) 2 D) The question cannot be answered without more information.
"Mismatch" unemployment is another name for ________ unemployment
A) frictional B) structural C) cyclical D) natural
Economics is called an empirical science because
A) economists study real-world evidence to test their models. B) economists use assumptions in their models. C) economic models have no predictive power. D) economic analysis is only useful in a capitalistic society.