In which case, if any, will inflation remain higher after a temporary adverse supply shock?
a. both when the central bank maintains a higher money supply growth rate and when the central bank does nothing
b. only if the central bank does nothing
c. only if the central bank maintains a higher money supply growth rate
d. None of the above is correct. Whether the central bank maintains a higher money supply growth rate or not, the inflation rate will return to its original level.
c
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Everything else held constant, when output is ________ the natural rate level, wages will begin to ________, decreasing short-run aggregate supply
A) above; fall B) above; rise C) below; fall D) below; rise
In the above table, what is the marginal revenue product of the 2nd worker?
A) $99 B) $70 C) $110 D) $9
To determine unemployment, first the adult population is divided into those in the labor force and those out of the labor force, and then divided again into those in the labor force who are employed and unemployed.
Select whether the statement is true or false. A. True B. False
The reasons to study economics include which of the following?
A. to learn a way of thinking B. to understand society C. to be an informed citizen D. all of the above