If the economy is at full employment, then the unemployment rate
A) is greater than the natural unemployment rate.
B) is equal to the natural unemployment rate.
C) is below the natural unemployment rate.
D) is equal to zero.
E) can be anywhere on a short-run Phillips curve.
B
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Labor productivity is
A) the quantity of capital one worker can produce in one day. B) the quantity of output produced in one hour by several workers. C) the quantity of output produced in one hour by one machine. D) the quantity of output produced by one worker or by one hour of work.
Which of the following statements is the MOST accurate about the Law of One Price on Scandinavian ferry lines?
A) Due to menu costs, the Law of One Price does not hold. B) To avoid arbitrage opportunities, the Law of One Price must hold. C) Transaction costs of exchanging currency causes the Law of One Price to fail. D) Transportation costs between ferry lines leads to a violation of the Law of One Price. E) The physical distance allowed the Law of One Price to hold.