If the economy was producing at point X and moved to point Y,
A. it would have moved from where the economy operates most of the time to a severe recession.
B. it would have moved from where the economy operates most of the time to a depression.
C. the unemployment rate would increase.
D. it would have moved from where the economy operates most of the time to a severe recession AND the unemployment rate would increase.
D. it would have moved from where the economy operates most of the time to a severe recession AND the unemployment rate would increase.
You might also like to view...
A decrease in the supply of steel results in a shortage of steel at the original equilibrium price. Explain how market forces will act to eliminate the shortage
What will be an ideal response?
The long-run effect of an increase in the money supply when starting from full employment is to
A) increase real GDP only. B) increase the price level only. C) increase both real GDP and the price level. D) increase real GDP as the price level increases too.
Consuming one more of a good increases its marginal-utility-to-price ratio, and consuming one less of the other good lowers its marginal-utility-to-price ratio
Indicate whether the statement is true or false
The merger in 1955 joined the
a. Teamsters and the Automobile Workers b. Coal Miners and the Government Workers Union c. American Federation of Labor and the Congress of Industrial Organization d. Knights of Labor and the American Federation of Labor e. Cigar Maker's Union and the Congress of Industrial Organization