When there is full employment, there is no _____ unemployment.
A. frictional
B. structural
C. cyclical
C. cyclical
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Answer the next question on the basis of the data given for two regions, East and West, of a hypothetical world. The nations have the production possibilities for units of food and clothing given below.East Production PossibilitiesWest Production Possibilities ABCD ABCDFood241680Food4530150Clothing04812Clothing051015Which of the following is true?
A. For the West region, the cost of 5 units of clothing is 10 units of food. B. For the East region, the cost of 8 units of food is 8 units of clothing. C. For the West region, the cost of 15 units of food is 5 units of clothing. D. For the East region, the cost of 4 units of clothing is 6 units of food.
The natural real GDP will ________ following a rise in energy prices because
A) rise; labor productivity increases. B) fall; labor productivity increases. C) fall; real wages are flexible and employment is less attractive relative to leisure. D) B and C are both correct.
This graph demonstrates the domestic demand and supply for a good, as well as the world price for that good.
According to the graph shown, if this economy were to open to trade, consumers would:
A. enjoy a net gain to surplus of DEFG. B. suffer a transfer of surplus to the producer of DEFG. C. experience deadweight loss of FG. D. suffer a net loss to surplus of DEFG.
Suppose the real interest rate is 4% and the expected inflation rate is 3%. If the money supply increases by 10% and output, the real interest rate, and the expected inflation rate are unchanged, then the price level increases by
A. 7%. B. 4%. C. 3%. D. 10%.