Which of the following curves shows the relationship between the unemployment rate and the rate of change in the price level?
A. the aggregate demand curve
B. the new Keynesian aggregate supply curve
C. the real business cycle curve
D. none of these
Answer: D
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Explain what the fallacy of composition is and give an example
What will be an ideal response?
To exercise the law of comparative advantage, a nation
a. must produce some goods using fewer resources than its trading partner. b. does not have to produce any goods using fewer resources than its trading partner. c. must produce some goods on an equal footing with its trading partner. d. must show a lower absolute cost of production than its trading partner.
The U.S. legal system mainly engages in activities that
A) are dedicated to producing private goods. B) focus on income redistribution. C) involve defining and protecting property rights. D) focus on producing public goods.
The inflation rate measures
A) the annual percentage change in the price level. B) the annual change in the price level. C) the average price level. D) the annual percentage change in the wage rate. E) none of the above.