Individuals who have stopped looking for work after an active search because of the lack of transportation or lack of affordable child care, etc. are classified as ________ workers
A) very lazy B) marginally attached
C) nonfunctional D) non-contributing
B
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If ________ GDP exceeds ________ GDP, employment exceeds its full-employment level and the unemployment rate is ________ the natural unemployment rate
A) real; nominal; below B) real; potential; below C) real; potential; above D) nominal; potential; above E) nominal; potential; below
Explain how the economy moves back to full employment from recession. Be sure to detail what happens to short-run aggregate supply, unemployment, equilibrium GDP and the price level
What will be an ideal response?
The Federal Reserve econometric model estimates that a 1 percent increase in government spending, with the money supply increased to hold the interest rate constant, will
A) increase real GDP by 3 percent in 3 years. B) increase real GDP by 3 percent in 4 years. C) increase real GDP by 1 percent 2 years. D) have no effect on real GDP after 3 years.
Why do economists tend to create models in diagrammatic form?
a. Diagrams hide reality, and theory is an attempt to avoid reality. b. It is easier than building models out of physical objects. c. Economic reality cannot possibly be represented except in diagrams. d. Most economists are frustrated artists, and like to draw when possible. e. All of the above are correct.