Environmental problems occur exclusively in capitalist economies.
Answer the following statement true (T) or false (F)
False
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The fact that the long-run Phillips curve is vertical implies that
A) monetary policy can't affect unemployment. B) money is neutral in the long run. C) there is a natural rate of inflation. D) money can't affect inflation in the long run.
Explain why some economists claim that the persistence of high unemployment rates during the recovery from the recession of 2007–2009 is evidence of "hysteresis."
What will be an ideal response?
The presence of discouraged workers may cause:
A. GDP to be too large. B. the employment rate to be understated. C. the unemployment rate to be overstated. D. the unemployment rate to be understated.
Consider two barter economies: Duos and Varietas. Duos produces two different goods, whereas Varietas produces 80 different goods. Both countries have the same number of people. In which barter economy is it more likely that the means of payment and the units of account would be efficient? How many relative prices are there in Duos compared with Varietas? Which economy would benefit more from adopting money?
What will be an ideal response?