If the unemployment rate is below its natural rate, then ________
A) output is above its potential level
B) there is excess tightness in the labor market
C) wages and prices will rise more rapidly and the AS curve will shift to the left
D) all of the above
E) none of the above
D
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Command economies are never effective at organizing the production and distribution of goods and services
Indicate whether the statement is true or false
Economists state that the __________ utility a person receives from a unit of a good, the __________ the price he or she is willing to pay for it
A) more; lower B) more; higher C) less; higher D) less; lower E) b and d
The Federal Reserve System can be described as a bank for bankers.
Answer the following statement true (T) or false (F)
Product differentiation
A) may allow firms to price above a competitive level. B) generates value as consumers value more choices. C) depends on perceived differences between products. D) All of the above.