The long-run Phillips curve is a vertical line at the natural rate of unemployment
a. True
b. False
Indicate whether the statement is true or false
True
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The implied growth rate for a country between 1960 and 2010 is 6%. This implies that:
A) the country needed to grow at an average rate of 6% per year between 1960 and 2010 to reach the 2010 level of GDP starting with the 1960 level. B) the country needed to grow by at least 6% in any of the fifty years between 1960 to 2010 to reach the level of GDP in 2010 starting with the 1960 level. C) the growth rate of GDP in the country was above 6% between 1960 to 1990 and above 6% between 1991 and 2010. D) the country needed to grow at rates above 6% per year between 1960 and 2010 to reach the 2010 level of GDP starting from the 1960 level.
Which of the following statements is true?
A) The type of institutions in a nation is considered a proximate cause of prosperity. B) Institutions determine the degree to which society accumulates factors of production and adopts new technology. C) Societal religious beliefs and existing social norms are key proximate causes of economic prosperity. D) Cultural and geographical factors that affect economic prosperity can be changed faster than the institutional factors that affect it.
Game theory is:
A. the study of how people behave strategically under different circumstances. B. used by economists to evaluate behavior in a variety of settings. C. a useful tool in predicting strategic behavior. D. All of these statements are true.
For a perfectly competitive firm, the marginal revenue product is equal to the marginal product multiplied by the output price
a. True b. False Indicate whether the statement is true or false