If TR > TC, the firm should produce more of whatever it is producing

What's meant by the NAIRU (Natural Rate of Unemployment)?

A. It is the full-employment unemployment rate B. It is the unemployment rate at which there is only frictional and structural unemployment C. it is the unemployment rate at which the labor market has fully adjusted D. all of the above

The rational expectations hypothesis indicates that people:

a. pay little attention to policy when forming their expectations about the future. b. expect the next period to be pretty much like the recent past, regardless of policy changes. c. will always be able to forecast the future accurately. d. change their expectations about the future if policy changes.