Economic rent refers to the price of a factor of production which is fixed in supply

The long-run Phillips curve is a horizontal line at the natural rate of unemployment

a. True b. False Indicate whether the statement is true or false

In 2010, the poorest 20 percent of families in the United States population earned approximately ____ percent of the before-tax total income. (Fill in the blank.)

a. 1 b. 4 c. 9 d. 12