Which of the following statements is correct?I.If other factors are held constant, the level of employment in the economy determines real Gross Domestic Product (GDP).II.According to classical economists, only voluntary unemployment exists in the long run.
A. I only
B. II only
C. Both I and II
D. Neither I nor II
Answer: C
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Indicate whether the statement is true or false
The above figure shows the market for rice in Japan. S represents the domestic supply curve, and the horizontal line at P =1 represents the world supply curve. If imported rice is banned, the loss in social welfare is
A) a + b + c + d + e. B) a. C) c + e. D) i.
If the aggregate supply curve is positively sloped, an increase in the money supply will result in an increase in both equilibrium national income and the equilibrium price level
a. True b. False Indicate whether the statement is true or false
The total utility from consuming 8 units of a good is 155. The marginal utility of the 8th unit is 7 and the marginal utility of the 7th unit is 11. The total utility from consuming 6 units of the good is
A. 173. B. 137. C. 130. D. 144.