An increase in the level of structural unemployment will shift the long-run Phillips curve

If opening up international trade resulted in the U.S. becoming a wheat exporter, relative to the prior no-trade situation, the U.S. domestic price of wheat: a. would rise, but domestic output would fall

b. would decline, but domestic output would rise. c. would decline, as would domestic output. d. would rise, as would domestic output.

Which of the following correctly describes convergence theory?

a. The rate of economic growth in less and more developed countries will be approximately the same. b. The productivity of skilled and unskilled workers will converge to the same value over time. c. Economies around the world will become more similar over time as less-developed countries grow faster than highly industrialized countries. d. The rate of economic growth in highly-developed countries will continue to outpace that of less-developed countries.