If unemployment is at the natural rate, then there
A) is no cyclical unemployment.
B) is no frictional unemployment.
C) will be cyclical and frictional unemployment but not structural unemployment.
D) will be only cyclical unemployment.
A
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Which of the following is likely to happen when the Fed raises the federal funds rate?
A) The long-run interest rate will fall. B) The labor demand curve shifts to the left. C) The volume of economic activity will increase. D) The labor demand curve shifts to the right.
In what sense can it be said that money is a social invention? How does a barter system of trade compare to the invention of money?
Ideally, an important aspect of a democracy is an ______.
a. informed electorate b. electorate that trusts authority figures c. equal distribution of resources d. obvious distinction among classes
The value of total output must equal the value of total income in an economy for all of the following reasons except
A. For the circular nature of spending and income in the economy. B. Government expenditures must equal government revenues. C. One person's expenditures on goods and services is another person's income. D. Income earned is spent on goods and services, which creates additional production.