In the 1960s, many economists and policy makers considered the trade-off between inflation and unemployment revealed in the Phillips curve to be permanent
This belief was challenged by ________, who argued that there is no trade-off between inflation and unemployment and the long run.
A) Paul Samuelson and James Tobin B) Robert Lucas and Thomas Sargent
C) Finn Kydland and Edward Prescott D) Milton Friedman and Edmund Phelps
D
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In the specificfactors model, an increase in the price of the manufactured good will cause:
a. a decrease in nominal wages in both the agricultural and manufacturing sectors. b. an increase in real wages in both the agricultural and manufacturing sectors. c. an increase in both nominal and real wages in both the agricultural and manufacturing sectors. d. an increase in nominal wages in both the agricultural and manufacturing sectors.
Perfect price discrimination will lead a firm to produce up to the point where price equals marginal cost, the efficient level of output
Indicate whether the statement is true or false