In the fall of 2007, most economists felt that the
A. unemployment was at the natural rate.
B. unemployment rate was below the natural rate.
C. inflation rate was above the natural rate.
D. inflation rate was below the natural rate.
Answer: A
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A __________ in the balance of payments means that we are paying out more money abroad than we are taking in, resulting in a(n) __________ of foreign exchange value relative to the dollar
A) deficit; depreciation B) surplus; appreciation C) surplus; depreciation D) deficit; appreciation
Carvel advertises a football-shaped ice cream cake for $7; you can buy a second one for only $4 . What do they know about consumer preferences?
a. Consumers would never buy a second ice cream cake. b. Two cakes are worth less to the consumer than one. c. Marginal utility of ice cream cakes diminishes. d. Consumers only value the first cake at $4. e. Consumers value all cakes they eat at $4.
An industrially advanced country (IAC) is defined as a country with a GDP per capita among the top ____ countries in the world
a. 5 b. 10 c. 20 d. 27
One thing that distinguishes normative economic principles from positive economic principles is that:
A. normative principles tell us how people will behave, and positive principles tell us how people should behave. B. normative principles are pessimistic and positive principles are optimistic. C. normative principles tell us how people should behave, and positive principles tell us how people will behave. D. normative principles reflect social norms, and positive principles reflect universal truths.