The Congressional Budget Office estimated that the NAIRU was equal to about __________ in 2015.

A key difference between import quotas and voluntary export restrictions (VERs) is that

A. the former requires cooperation from a foreign government or foreign producers, whereas the domestic government may unilaterally enact the latter. B. one raises the price of the imported product involved, whereas the other does not. C. the domestic government may unilaterally enact the former, whereas the latter requires cooperation from a foreign government or foreign producers. D. one is a tax, whereas the other is a quantity limit.

How does the textbook's notion of competition as a process differ from the model of perfect competition?

A) The process notion allows for uncertainty and incomplete information; perfect competition doesn't. B) The process notion allows for price searching activity; perfect competition doesn't. C) The process notion allows for product differentiation; perfect competition doesn't. D) The process notion allows for a small number of participants; perfect competition doesn't. E) For all of the above reasons.