Please use the following statements to answer this question:
I. The process of testing and revising theories is central to the development of economics as a science.
II. Theory is imperfect and may not adequately describe economic behavior in some cases.
A) I and II are true.
B) I is true and II is false.
C) I is false and II is true.
D) I and II are false.
A
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If workers accurately predict the rate of inflation, is there a short-run trade-off between inflation and unemployment, as predicted by the Phillips curve? Why or why not?
What will be an ideal response?
Stricter laws and regulations to protect intellectual property rights
A) will tend to have little impact on an economy since intellectual property is not tangible. B) will create a stronger and more successful black market for intellectual property. C) will help to create a more successful market system. D) will only benefit those companies whose intellectual property rights have in the past been ignored.
Mike has been unemployed for over a year. He hasn't looked for a job in the last three months, but he's just started looking for work again. Because Mike started looking for a new job
A) the unemployment rate decreased. B) the working-age population increased. C) the unemployment rate increased. D) the labor force participation rate decreased.
Convergence refers to the idea that cross-country
a. growth rates will become more similar over time. b. unemployment rates will become more similar over time. c. per-capita income levels will become more similar over time. d. total income levels will become more similar over time. e. none of the above.