Which of the following statements is not true?
A. Periods of growth below the potential level are periods of high unemployment.
B. Periods of growth above the potential level are periods of low employment.
C. Periods of growth below the potential level are periods of low unemployment.
D. The potential growth rate in the U.S. economy may have fallen following the financial crisis of 2007-2009.
Answer: C
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To answer the next question, use the following graph showing the domestic demand and supply curves for a specific standardized product in a particular nation.
If the world price for this product is $0.50, this nation will experience a domestic
A. shortage of 160 units, which it will meet with 160 units of imports. B. surplus of 160 units, which it will export. C. shortage of 160 units, which will increase the domestic price to $1.60. D. surplus of 160 units, which will reduce the world price to $1.00.
The value of net exports increases when the value of ________
A) exports of goods and services minus imports of goods and services decreases B) imports of goods and services increase C) imports of goods and services decrease D) exports of goods and services decrease
The law of diminishing marginal utility states that as additional units are consumed, satisfaction per unit will decline
a. True b. False Indicate whether the statement is true or false
Why is it misleading to argue that emissions permits are a "license to pollute"?