The natural rate of unemployment is:
What will be an ideal response?
equal to the sum of frictional and structural unemployment.
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The costs of disinflation would be low if
A) expected inflation falls as inflation falls. B) wage and price controls were used. C) the Phillips curve were nearly horizontal. D) the Phillips curve adjusted slowly to changes in inflation.
The two groups that benefit the most from quotas are
A) the importers who have the right to import the restricted good and the domestic producers of the restricted good. B) the domestic consumers of the restricted good and the domestic producers of the restricted good. C) the domestic consumers of the restricted good and the foreign producers of the restricted good. D) the importers who have the right to import the restricted good and the domestic consumers of the restricted good.
The portion of after-tax income a consumer does not spend on consumption is called
a. investment. b. saving. c. supply. d. temporary income.
Refer to the information provided in Figure 12.5 below to answer the question(s) that follow. 
Figure 12.5
Refer to Figure 12.5. A firm produces hula hoops in a perfectly competitive market and currently produces and sells 100 per week. At this production quantity of 100 per week, society would be best served
A. if the price was higher than $10 per hula hoop. B. if the price was lower than $10 per hula hoop. C. if the price remained at $10 per hula hoop. D. Society cannot be best served at a production quantity of 100, regardless of the price per hula hoop.