If the economy is in long-run equilibrium, the actual unemployment rate is less than the natural unemployment rate
Indicate whether the statement is true or false
False
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Balance of payments crises under fixed exchange rates occur because of
A) government policies that are inconsistent with fixed exchange rates. B) punitive currency wars. C) global inflation and trade imbalances due to war. D) excessive exports and imports that overload the global system. E) monotonic expansion in global currency volume.
Economics is best defined as the study of how individuals decide to use limited resources in an attempt to satisfy unlimited wants
a. True b. False
If a country experiences a relatively high inflation rate compared with other economies, then the demand for its currency will _________________.
a. increase b. stabilize c. flatten d. lessen
A prediction from the kinked demand curve model of oligopoly is that, for an individual firm, small changes in:
A. Demand will lead to changes in price or output B. Marginal revenue will lead to changes in price and output C. Marginal cost will lead to changes in price and output D. Marginal cost will not lead to changes in price or output