Which following segment(s) of the aggregate supply curve represents the Phillips curve trade-offs?
a. horizontal segment
b. horizontal and the intermediate segments
c. intermediate segment
d. intermediate and the vertical segments
e. vertical segment
C
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According to the marginal productivity theory of income
A) the income received by an individual who supplies labor services equals the incremental benefit generated to the firm by that individual's labor. B) the average income received by an individual who supplies resources is influenced by the resources owner's marginal productivity. C) the greater the quantity of resources owned by an individual, the greater his incentive to increase productivity and his income. D) the income received by an individual who supplies labor services equals the profit generated to the firm by that individual's labor.
When countries engage in specialization and international trade, every individual person in those countries will gain
Indicate whether the statement is true or false