Any policy change that reduced the natural rate of unemployment would
a. shift the long-run Phillips curve to the left.
b. shift the long-run aggregate-supply curve to the right.
c. improve the functioning of the labor market.
d. All of the above are correct.
d
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The production function (or output per laborer) curve is
a. upward sloping and arched to reflect the law of constant returns b. upward sloping and arched to reflect the law of diminishing returns c. downward sloping and arched to reflect the law of increasing returns d. downward sloping and arched to reflect the law of diminishing returns e. horizontal, its level depending on the capital output ratio
The market in which households, firms and governments buy and sell national currencies is known as
A) the foreign exchange market. B) standard drawing rights. C) the exchange rate. D) flexible exchange rates.
What is the antithesis of the rule of law?
A) Arbitrary governance B) Governance according to the will of whoever is in charge C) Both of the above. D) None of the above.
Monopoly power in a market causes:
A. monopolists to earn economic profits of zero. B. consumers to gain. C. market surplus to be lost. D. producers to worry about competition.