The U.S. economic data for the last 50 years indicates that
A. there has been no long-run relationship between unemployment and inflation rates.
B. there is a direct relationship between unemployment rate and inflation rate.
C. during recessions the unemployment rate was always twice as high as the inflation rate.
D. there is an inverse relationship between unemployment rate and inflation rate.
Answer: A
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"Trade is generally harmful if there are large disparities between countries in wages."
A) This is generally true. B) This is generally false. C) Trade theory has nothing to say about this issue. D) This is true if the trade partner ignores child labor laws. E) This is true if the trade partner uses prison labor.
Which of the following best explains why a monopolist's marginal revenue is less than the sale price? a. To sell more units, a monopolist must increase the price on all units sold
b. As a monopolist expands output, its average total cost declines. c. When a firm has a monopoly, consumers have no choice other than to pay the price set by the monopolist. d. When a monopolist reduces price in order to sell more units, it must lower the price of some units that could otherwise have been sold at a higher price.
The aggregate supply curves show how much a nation's businesses are willing and able to produce at each price level
a. True b. False Indicate whether the statement is true or false
Which of the following is true regarding value and exchange?
a. Middlemen fail to create value since they do not expand the supply of physical goods. b. A good or service has a given value regardless of who uses it or how it is used. c. If it were not for middlemen, transaction costs would be zero. d. Voluntary exchange creates value by channeling goods into the hands of people who value them most.