Cyclical unemployment is
A) the total of structural and frictional unemployment.
B) created by a recession.
C) part of frictional unemployment.
D) higher when the economy is expanding.
E) always greater than the total of structural and frictional unemployment.
B
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Refer to Figure 15-12. In the dynamic AD-AS model, if the economy is at point A in year 1 and is expected to go to point B in year 2, and the Federal Reserve pursues no policy, then at point B
A) there is pressure on wages and prices to fall. B) the unemployment rate is greater than the natural rate of unemployment. C) firms are producing above capacity. D) incomes and profits are falling.
If input prices increase, the supply curve for cheese will shift to the right
a. True b. False Indicate whether the statement is true or false
In traditional Keynesian economics:
a. the aggregate supply curve is vertical. b. the aggregate supply curve is horizontal. c. the aggregate supply curve is upward-sloping. d. the aggregate demand curve is horizontal. e. the aggregate demand curve is vertical.
What are the three basic questions faced by every economy?
a. What, how, and for whom will goods be produced? b. When, where, and how much will be produced? c. Why, where, and when will goods be produced? d. How, how much, and why will goods be produced?