Which of the following is equivalent to the natural rate of unemployment?
A. An unemployment rate of zero percent
B. The nonaccelerating inflation rate of unemployment
C. The rate of cyclical unemployment
D. The underemployment rate
Answer: B
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Starting from long-run equilibrium, a large decrease in government purchases will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. expansionary; lower; potential B. expansionary; higher; potential C. recessionary; lower; potential D. recessionary; lower; lower
Suppose the absolute value of the price elasticity of demand for meals at Fortune Buffet House is ?. What happens to sales revenue if the restaurant increases its price by 5 percent?
A) Sales revenue falls by 100 percent. B) Sales revenue falls by less than 5 percent. C) Sales revenue remains unchanged. D) It cannot be determined without information on prices.
A repeated cross-sectional data set is
A) a collection of cross-sectional data sets, where each cross-sectional data set corresponds to a different time period. B) the same as a balanced panel data set. C) what Card and Krueger used in their study of the effect of minimum wages on teenage employment. D) time series.
College students living off-campus frequently consume large amounts of ramen noodles and boxed macaroni and cheese. When they finish school and start careers, their consumption of both goods frequently declines. This suggests that ramen noodles and boxed
macaroni and cheese are: A. inferior goods. B. normal goods. C. complementary goods. D. substitute goods.