When the economy is in equilibrium, there will be no unemployment or inflation
Indicate whether the statement is true or false
F
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Which of the following costs will not change as output changes?
A) total variable cost B) total fixed cost C) average variable cost D) average fixed cost E) marginal cost
In a competitive labor market, if the supply of labor decreases, wages will:
A. increase. B. decrease. C. remain the same. D. drop to zero.
Pepsi and pizza are normal goods. When the price of pizza rises, the substitution effect causes Pepsi to be relatively
a. more expensive, so the consumer buys more Pepsi. b. more expensive, so the consumer buys less Pepsi. c. less expensive, so the consumer buys more Pepsi. d. less expensive, so the consumer buys less Pepsi.
The Federal Reserve System is controlled by the
A. U.S. Department of the Treasury. B. House of Representatives and the Senate. C. Board of Governors. D. President of the United States.