Which of the following statements is false?
A) If the economy is self-regulating, wages are flexible.
B) The frictional unemployment rate equals the natural unemployment rate minus the structural unemployment rate.
C) If the economy is producing Natural Real GDP, it is operating at the natural unemployment rate.
D) The economy is operating at full employment if it is producing more than Natural Real GDP.
D
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Which is most likely to be observed in a community where price ceilings are imposed on residential rents?
A. Those whose needs for housing are most urgent will be able to obtain the space they want. B. Poor people will be able to find adequate housing. C. Homeowners will reduce their own use of housing space, making more available to others. D. People moving into the community will have difficulty locating residential space to rent.
Which of the following is responsible for the distribution of paper currency in the United States?
A) the U.S. Treasury B) the Office of the Comptroller of the currency C) the Federal Reserve D) all of the above
If the demand for a product is elastic, then a rise in price will:
a. cause total spending on the good to increase. b. cause total spending on the good to decrease. c. keep total spending the same, but reduce the quantity demanded. d. keep total spending the same, but increase the quantity demanded.
A key to gaining cooperative behavior in a repeated game is:
A. that the game must be repeated indefinitely. B. there must be a definitive end to the game. C. the players must commit to always acting in their own self-interest. D. at least one player must have a dominant strategy.