On the issue of whether or not a little inflation helps reduce unemployment:
A. Economists generally agree that it does, because a little inflation enhances firm's
profitability
B. Economists generally agree that it does not, because wages will rise along with inflation
C. The issue is still hotly debated by opposing camps of economists
D. The issue is largely settled in that inflation does not affect unemployment at all
C. The issue is still hotly debated by opposing camps of economists
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Which of the following statements is true?
A) Countries with lower investment in research and development (R&D) are likely to have higher standards of living. B) The Industrial Revolution started in the United States and spread to other parts of the world. C) The Industrial Revolution started in South America and spread to other parts of the world. D) Countries with a higher investment in research and development (R&D) are likely to have higher standards of living.
Consumer surplus is the
A) value of a good expressed in dollars. B) price of a good expressed in dollars. C) value of a good minus the price paid for it summed over the quantity bought. D) value of a good plus the price paid for it summed over the quantity bought.