The long-run Phillips curve corresponds to the natural rate of unemployment.
Answer the following statement true (T) or false (F)
True
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In competitive markets,
a. firms produce identical products. b. no individual buyer can influence the market price. c. no individual seller can influence the market price. d. All of the above are correct.
During the 17th and 18th centuries, when the dominant economic policy was mercantilism, economic prosperity was measured by a nation's:
a. fleet of transport ships. b. food distribution system. c. number of men in its army and navy. d. stock of precious metals in its treasury.
A market is said to be in disequilibrium if
A) it exhibits either a surplus or a shortage. B) the number of units that individuals are willing to buy exceeds the number of units they can afford. C) it is a market for an inferior good. D) none of the above
The distinction between productivity levels and productivity growth rates is theoretical and has no practical application.
Answer the following statement true (T) or false (F)