Import restrictions create an incentive to smuggle.
Answer the following statement true (T) or false (F)
True
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A trade-off between unemployment and inflation is reflected in the
A) economic stability. B) nonaccelerating inflation rate of unemployment (NAIRU). C) natural rate of unemployment. D) Phillips Curve.
One can determine producers' surplus if the minimum selling price and the _____________ are known
A) price received B) price paid C) tax paid D) tax received E) a and c
Stagflation describes a condition whereby
A. real GDP increases but nominal GDP stagnates at a relatively constant level. B. real GDP declines at a relatively constant price level. C. potential real GDP stagnates. D. real GDP rises or falls very little but inflation persists at fairly high rates.
In a developing economy, scarcity of capital may have more to do with a lack of incentive for citizens to save and invest productively than with any absolute scarcity of income available for capital accumulation.
Answer the following statement true (T) or false (F)