Graphs are valuable because they facilitate interpretation of data
a. True
b. False
Indicate whether the statement is true or false
True
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The long-run Phillips curve shows the relationship between ________ and ________ when the economy is at full employment
A) the inflation rate; the nominal interest rate B) the unemployment rate; real GDP C) potential GDP; the natural unemployment rate D) the inflation rate; the unemployment rate E) the natural inflation rate; the unemployment rate
Purchasing power parity may not hold in practice due to all of the following except
A) transportation costs. B) cross-country differences in environmental regulations. C) trade barriers like tariffs and quotas. D) the existence of non-traded goods.
With regard to preventing entry, if identical firms act simultaneously,
A) they cannot credibly threaten each other. B) they will all incur losses. C) only one firm will enter the market. D) none of them will enter the market.
Unilateral transfers represent
A) the balance of services coming into a country. B) the balance of government bonds bought and sold by residents of a country. C) the balance of financial gifts—both private and public—entering and leaving a country. D) the balance of official transfers within an economy.