The supply curve for land is vertical.
Answer the following statement true (T) or false (F)
True
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Changes in which of the following do NOT affect the natural unemployment rate?
A) the quantity of money B) the minimum wage C) unemployment benefits D) structural change E) the birth rate or other demographic data
If a price ceiling of $3 is imposed on gasoline and the market price is $2,
a. the price of gasoline will rise. b. the price of gasoline will fall. c. the price of gasoline will remain unchanged. d. the demand for gasoline will increase.
If real wages fall as output rises, then in the classical model it must be the case that
a. labor demand rose. b. labor demand fell. c. labor supply rose. d. labor supply fell. e. none of the above.
During the period in which the Navigation Acts guided colonial trade, international trade was safe and many countries fairly engaged in commercial trade
Indicate whether the statement is true or false