From the late 1980s to 2000, the natural rate of unemployment
A) fluctuated up and down, following the path of the actual rate of unemployment.
B) gradually declined.
C) climbed sharply.
D) held constant.
B
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Costs associated with economic growth include all of the following EXCEPT
A) environmental pollution. B) psychological problems such as depression. C) urban congestion. D) improved health care.
In this graph, contractionary policy causes ______.
a. equilibrium to shift down along the aggregate demand curve
b. equilibrium to shift up along the aggregate demand curve
c. the aggregate demand curve to shift to the right
d. the aggregate demand curve to shift to the left
Which is an example of a good with an elastic supply?
a. beef b. bananas c. lumber d. click-top pens
If the price elasticity of demand coefficient equals 2 then:
A. a 7 percent decrease in the price will result in a 14 percent decrease in the quantity demanded. B. a price decrease will increase total revenue. C. the good has an inelastic demand. D. there is likely few substitutes, a short time period under consideration, or this good accounts for a relatively small percentage of consumers' budgets.