If a national government improves its unemployment benefits, its unemployment rate will most likely:
What will be an ideal response?
increase
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For a given future amount of money, its present value with be lower if ______________
Fill in the blank(s) with the appropriate word(s)
Free trade leads to an overall improvement in the standard of living in a country because everything is produced at the lowest possible cost
a. True b. False Indicate whether the statement is true or false
The adaptive expectations theory suggests that:
a. the price level that people expect in the future is based on the behavior of prices in the past. b. the unemployment rate adapts immediately to the inflation rate. c. people have perfect foresight and always predict future price levels correctly. d. people use all current information available to formulate their inflation expectations. e. people react spontaneously to price level changes and do not consider any past or present information.
Refer to the graph shown. Which point has an elasticity less than 1?
A. A B. B C. C D. D