The Great Depression consisted of how many business cycles?
A) 1
B) 2
C) 3
D) 4
B
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Output in the short run is determined by which of the following factors when an economy operates at full employment?
A) the labor force B) supply C) the price level D) demand
After purchasing a coffee cup from your local gas station for $5.00, you can always refill your cup for $0.50. The marginal cost of your 10th cup of coffee purchased at the gas station is:
A. $0.50. B. $5.00. C. $10.00. D. $5.50.
A discouraged worker is one who:
a. is underqualified for the current job. b. dislikes the current job but is afraid to quit. c. drops out of the civilian labor force because he/she cannot find a job. d. quits his/her job because the possibility of advancement was very low. e. is overqualified for the current job.
Inflation can cause a misallocation of resources because
A. firms have to change their price labels at unusual times. B. the nominal rate of inflation doesn't equal the real rate of inflation. C. people are encouraged to borrow too much. D. inflation doesn't proceed evenly which means that people have a difficult time determining when a price change signals a change in relative prices.