Between 1993 and 2001 the U.S. economy experienced
a. relatively low inflation and unemployment rates.
b. relatively high inflation and unemployment rates.
c. relatively low inflation rates and relatively high unemployment rates.
d. relatively high inflation rates and relatively low unemployment rates.
a
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A monopolistically competitive firm
A) cannot make a positive economic profit in the long run because of entry. B) can make a positive economic profit in the long run because it sells a differentiated good. C) can make a positive economic profit in the long run because there are only a few firms in the industry. D) cannot make a positive economic profit in the long run because it sells a homogeneous good.
The life-cycle hypothesis applies the concept of ________ to retirement
A) income & substitution effects B) transitory income C) autonomous consumption D) consumption smoothing