An outcome is said to be efficient if an economy is conserving the largest possible quantity of its scarce resources while still meeting the basic needs of society
a. True
b. False
Indicate whether the statement is true or false
False
Economics
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The relationship between the level of prices and the quantity of real GDP supplied is known as
A) aggregate supply. B) aggregate demand. C) market demand. D) market supply.
Economics
According to the short-run Phillips curve, if unemployment is 2.4% and inflation is 3.7%, a decrease in the inflation rate might result in which of the following?
A) an increase in the unemployment rate to 3.4% B) a decrease in the unemployment rate to 3.0% C) a decrease in the demand for labor in the economy D) Both A and C are correct answers.
Economics