According to the ________ hypothesis, unemployment may occur, and if it does, it will be temporary.
A. Socialist workers'
B. rational expectations
C. equilibrium employment
D. Keynesian labor
Answer: B
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The long-run Phillips curve shows the relationship between the ________ and the ________ when there is no ________ unemployment
A) inflation rate; employment rate; seasonal B) inflation rate; unemployment rate; cyclical C) inflation rate; unemployment rate; structural D) nominal interest rate; real interest rate; frictional E) nominal interest rate; unemployment rate; cyclical
Regarding the frustration of purpose doctrine, which of the following statements is true?
a. the purpose for which seller entered into the contract has become illegal b. the purpose for which buyer entered into the contract has become illegal c. the purpose of the contract has become illegal d. the contract no longer facilitates deferred exchange
The marginal revenue curve for a monopolist is always below the demand curve.
Answer the following statement true (T) or false (F)
Exhibit 3A-2 Comparison of Market Efficiency and Deadweight Loss
As shown in Exhibit 3A-2, if the market price falls from P2 to P3, then:
A. consumer surplus increases. B. producer surplus increases. C. deadweight loss increases. D. the market moves to an equilibrium price and quantity.