Discouraged workers ________ counted as officially unemployed because they ________
A) are; are not working
B) are; are still in the labor force
C) are not; are not qualified to work
D) are not; are not actively seeking work
D
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During a recession, a rising unemployment rate is
a. rare b. stimulating higher levels of inflation c. predicted by the classical model d. the basis for a new economics expansion e. almost inevitable
A utility-maximizing consumer is currently spending all of his/her income on two products, A and B. The MU of the last unit of A consumed is 50, the price of A is $25, and the price of B is $10. The MU of the last unit of B consumed is:
A. 50. B. 5. C. 2. D. 20.
Suppose a recession occurs as a result of a negative supply shock, and instead of the economy naturally working its way back to equilibrium, the government uses policy to shift the aggregate demand curve to fight the recession. Using policy this way would
A) bring real GDP back to potential GDP more quickly but would result in a permanently higher price level. B) bring real GDP back to potential GDP more slowly but would bring the price level back to the original price level more quickly. C) quickly result in a new, higher level of real GDP and a permanently lower price level. D) bring the price level back to its original level more quickly but would result in a permanently lower level of potential GDP.
Use the following diagrams for the U.S. economy to answer the next question.
Which of the diagrams best portrays the effects of an increase in resource productivity?
A. Graph (1) B. Graph (2) C. Graph (3) D. Graph (4)