Who among the following is underemployed?
a. Brian, who works part-time as he wants more time to study
b. Regina, who works part-time but is willing to work full-time
c. Daniel, who works as a ski instructor but only during winter each year
d. Roger, who works at a shoe store in the morning and at a restaurant in the evening
b
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According to New Keynesian theory, fluctuations in the target interest rate are not a good explanation of the business cycle because the model predicts that
A) consumption is constant. B) labor is countercyclical. C) average labor productivity is countercyclical. D) output is countercyclical.
Adding more resources to production causes
a. a downward movement along the production possibilities curve b. the production possibilities curve to shift in toward the origin c. an upward movement along the production possibilities curve d. the production possibilities curve to shift out from the origin e. the production possibilities curve to become positively sloped
Starting from long-run equilibrium, a large tax increase will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. recessionary; lower; potential B. expansionary; lower; potential C. expansionary; higher; potential D. recessionary; lower; lower
Suppose that the current exchange rate between the dollar and peso is $1 equals 10 pesos. If a firm in Mexico wanted to purchase $100,000 worth of U.S. televisions, how many pesos must they exchange?
A. 100,000 pesos B. 1,000,000 pesos C. 10,000 pesos D. 11,000,000 pesos