When the current state of the economy is such that Real GDP is equal to Natural Real GDP, the economy is in ____________________ . In this situation, the (actual) unemployment rate is ___________ the natural unemployment rate, and there is ________________ in the labor market
A) long-run equilibrium; equal to; equilibrium
B) inflationary; less than; a shortage
C) long-run equilibrium; greater than; equilibrium
D) recessionary; greater than; a surplus
E) recessionary; less than; equilibrium
A
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The set of all baskets of inputs that can be employed at a given cost defines a(n)
a. isoquant curve. b. isocost curve. c. expansion path. d. production function exhibiting constant returns to scale.
In a recessionary expenditure gap, the equilibrium level of real GDP is
A. greater than planned aggregate expenditures. B. greater than full-employment real GDP. C. less than planned aggregate expenditures. D. less than full-employment real GDP.
Refer to the scenario above. What is the optimal strategy of each bidder?
A) Each bidder should bid up to his/her maximum willingness to pay for the necklace. B) Each bidder should bid above his/her maximum willingness to pay for the necklace. C) Each bidder should bid up to 9/10 of his/her valuation of the necklace. D) Each bidder should bid up to 4/5 of his/her valuation of the necklace.
What is the yield on a discount basis for a U.S. Treasury bill that has a face value of $10,000, has a price of $9500, and will mature in 180 days?
A) 5.00% B) 5.25% C) 10.00% D) 10.67%