The natural rate of unemployment is fixed and unchanging
Indicate whether the statement is true or false
FALSE
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The consumer's gain from the imposition of a price ceiling is higher when
A) the own price elasticity of market demand is high and the price elasticity of market supply is high. B) the own price elasticity of market demand is high and the price elasticity of market supply is low. C) the own price elasticity of market demand is low and the price elasticity of market supply is high. D) the own price elasticity of market demand is low and the price elasticity of market supply is low.
Because trade raises the amount that an economy can produce by letting firms and workers play to their comparative advantage, trade will also cause
a. the average level of wages in an economy to fall. b. the average level of wages in an economy to rise. c. the average number of jobs in an economy to rise. d. the average number of jobs in an economy to fall.
Other things the same, the aggregate quantity of output supplied will decrease if the price level
a. is lower than expected so that firms believe the relative price of their output has increased. b. is lower than expected so that firms believe the relative price of their output has decreased. c. is higher than expected so that firms believe the relative price of their output has increased. d. is higher than expected so that firms believe the relative price of their output has decreased.
The first unit of an information product is produced at a high fixed cost. Producing additional units entails relatively
A) high average variable cost. B) low marginal cost. C) low external cost. D) high social cost.