There is ________ connection between the strength of a country's currency and the strength of its ________.
A. a solid; real wage growth
B. an inverse; central bank independence
C. a direct; economy
D. no simple; economy
Answer: D
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A change in the full-employment quantity of labor ________ the short-run aggregate supply curve and ________ the long-run aggregate supply curve
A) shifts; shifts B) shifts; does not shift C) does not shift; shifts D) does not shift; does not shift
Which of the following is FALSE for a profit-maximizing single-price monopolist?
A) P = MC B) MC = MR C) P > MR D) None of the above because they are all true.
A firm that successfully differentiates its product or lowers its average cost of production creates
A) a perfectly inelastic demand curve for its product. B) value for its customers. C) entry barriers into its market. D) economies of scale.
When prices in the goods and services market are below the level anticipated,
a. output will temporarily exceed the economy's long-run potential. b. output will temporarily fall short of the economy's long-run potential. c. output will be equal to the economy's long-run potential. d. the actual rate of unemployment will be less than the natural rate of unemployment.