If the number employed is 190 million, the working-age population is 230 million, and the number unemployed is 10 million, then the unemployment rate is

Following Keynesian economics, and assuming a marginal propensity to consume (MPC) of 0.75, an increase in federal government spending of $100 billion at below full employment would be expected to shift the aggregate demand curve by $300 billion to the right

a. True b. False Indicate whether the statement is true or false

Which one of the following is not a characteristic of a perfectly competitive market? a. Firms advertise in order to distinguish their products and increase market share. b. Firms earn zero economic profit in the long run

c. Competing products are virtually identical. d. Firms are price takers.