According to the new classical school, if macroeconomic policy is perfectly predictable, then the aggregate supply curve and the Phillips curve must be vertical in both the short run and the long run
a. True
b. False
Indicate whether the statement is true or false
False
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Agriculture is the primary occupation in Agraria and agricultural products account for two-thirds of Agraria's gross domestic product
How will a sharp fall in the price of agricultural products affect Agraria's economy if the demand for such products is price-inelastic?
A U.S. tariff on textiles would ________ U.S. clothing prices and ________ jobs in the U.S. textile industry
A) reduce; decrease B) reduce; increase C) raise; decrease D) raise; increase
The Sherman Act and the Clayton Act were passed into law more than 100 years ago. What characteristic of each of these laws enables them to remain applicable in today's modern economy?
What will be an ideal response?
The labor supply curve reflects how workers' decisions about the labor-leisure tradeoff respond to changes in the opportunity cost of leisure
a. True b. False Indicate whether the statement is true or false