When the unemployment rate ________ the natural unemployment rate, real GDP ________ potential GDP.
A) is greater than; is less than
B) equals; is greater than
C) is less than; is less than
D) equal; is less than
E) is greater than; equals
A) is greater than; is less than
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The majority of the income earned in the United States is paid in
A) wages. B) rent. C) profit. D) dividends. E) interest.
In the figure above, if no one owns the lake, the market does what?
A) overproduces 120 tons of pesticide B) underproduces 120 tons of pesticide C) overproduces 60 tons of pesticide D) produces the efficient quantity of pesticide
The economic way of thinking suggests that if the government imposed a $500 tax on owners of red automobiles,
a. fewer red automobiles would be produced and sold. b. more red automobiles would be produced and sold. c. there would be no change in the number of red automobiles produced and sold. d. red automobiles would cease to exist.
When market price is higher than equilibrium price, quantity demanded is ______ quantity supplied.
Fill in the blank(s) with the appropriate word(s).