According to the textbook, the good that emerged as money in World War II POW camps was

Which one of the following statements is NOT true?

A) The classical model assumes that people suffer from money illusion. B) The classical model assumes that no single seller of a commodity can affect its price. C) The classical model assumes that pure competition exists. D) The classical model assumes that people are motivated by self-interest.

The U.S. economic data for the last 50 years indicates that

A) there is an inverse relationship between unemployment rate and inflation rate. B) there is a direct relationship between unemployment rate and inflation rate. C) during recessions the unemployment rate was always twice as high as the inflation rate. D) there has been no long-run relationship between unemployment and inflation rates.