The four-firm concentration ratio of the aircraft industry is over 80 percent. Most economists would consider this industry an oligopoly

According to rational expectations theory,

a. there is absolutely nothing government can do, even in the short run, to reduce the economy's unemployment rate. b. the government can use fiscal policy such as increased government spending or lower tax rates to reduce unemployment. c. a modern extension of Keynesian economics exists. d. discretionary fiscal policy is essential for prolonged growth. e. market participants can be fooled in the long run by monetary and fiscal policy rules.

The base year is always the year in which prices were the lowest

Indicate whether the statement is true or false