In the short run, if the economy is at full employment, then the quantity of real GDP
A) is equal to potential GDP, and the unemployment rate is equal to the natural unemployment rate.
B) does not necessarily equal potential GDP, but the unemployment rate is equal to the natural unemployment rate.
C) is equal to potential GDP, but the unemployment rate does not necessarily equal the natural unemployment rate.
D) is equal to potential GDP, but the unemployment rate is less than the natural unemployment rate.
E) exceeds potential GDP, and the unemployment rate is less than the natural unemployment rate.
A
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A decrease in demand will cause the equilibrium price to ________ and the equilibrium quantity to ________
A) increase; increase B) increase; decrease C) decrease; increase D) decrease; decrease
Tudor's Deli and Catering could have sold their delivery van on December 31, 2010 for $16,000. If they could sell the same van on December 31, 2011, for $13,000, then the economic depreciation in 2011 for this van
A) is $13,000. B) is $16,000. C) is $29,000. D) is $3,000.
In a typical year, about __________ of bank business loans in the United States are made by foreign-owned banks through their branches here
A) ten percent B) twenty percent C) one-third D) one-half
A student seeking a job right after graduation should be especially attentive to
a. long-run growth patterns in the economy b. what is the current phase of the business cycle c. technological change d. sales of durable goods e. the duration of strikes