Answer the following statement(s) true (T) or false (F)
1. It is rare that actual and potential real GDP are equal.
2. The potential output in the United States grows over time, so the LRAS is shifting leftward over time.
3. Cost-push inflation causes an inflationary gap.
4. The classical school is associated with French economist John Maynard Keynes.
5. Economists continue to debate the actual shape of the short-run aggregate supply curve.
1. True
2. False
3. False
4. False
5. True
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Adjudication, as discussed in the text, is a process for settling disagreements by supporting and enforcing which rights?
A) Rights based on an original act of mixing human labor with previously unowned resources B) The most ancient rights, whether or not they have been enforced C) The most widely and confidently accepted rights D) The rights of the majority
What are the three most important variables that cause the market supply curve of labor to shift?
What will be an ideal response?
How is dollarization different from monetary union?
What will be an ideal response?
A firm is more likely to use a labor-intensive method of production when the relative amount of available labor is greater than the available amount of capital
Indicate whether the statement is true or false