The U.S. goal for price stability:
A. Is an inflation rate of 3 to 6 percent.
B. Is an inflation rate of zero or less.
C. Changes each year based on economic performance.
D. Is an inflation rate of fewer than 3 percent.
D. Is an inflation rate of fewer than 3 percent.
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Economic profits in a competitive industry are signals that
a. attract new firms into the industry b. prevent firms from adopting newer technologies c. encourage existing firms to continue to operate inefficiently d. indicate that business conditions are improving e. cause the industry's resources to be used in lower valued uses
The portion of unemployment that is attributable to an overall decline in the economy's business activity is called: a. frictional unemployment. b. underemployment
c. cyclical unemployment. d. structural unemployment.
In the circular flow model, businesses
A. demand both products and resources. B. supply both products and resources. C. demand products and supply resources. D. supply products and demand resources.
Countries with large amounts of capital per worker tend to have ________ levels of real GDP per person and ________ levels of average labor productivity.
A. low; low B. low; average C. high; low D. high; high