If = 4%, = 3%, and = 2%, then must equal:
What will be an ideal response?
1%
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Along the short-run Phillips curve SRPC0 the natural unemployment rate is
A) 7 percent. B) 3 percent. C) 6 percent. D) an amount that can be determined from the figure, but none of the above answers is correct. E) an amount that cannot be determined from the figure. The figure above shows some Phillips curves for an economy.
Economic efficiency and economic freedom are commonly cited as two major benefits of socialism
a. True b. False Indicate whether the statement is true or false
A shortage results when a a. nonbinding price ceiling is imposed on a market. b. nonbinding price ceiling is removed from a market. c. binding price ceiling is imposed on a market
d. binding price ceiling is removed from a market.
Which of the following causes a shortage of a good?
a. a binding price floor b. a binding price ceiling c. a tax on the good d. None of the above is correct.