Which is true regarding cyclical unemployment?
i) Cyclical unemployment is positive at business cycle peaks.
ii) Cyclical unemployment is negative at business cycle troughs.
iii) Cyclical unemployment is zero at full employment.
A) iii only B) i and ii C) i and iii D) i, ii and iii E) i only
A
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A surplus exists in a market if
a. there is an excess demand for the good. b. quantity demanded exceeds quantity supplied. c. the current price is above its equilibrium price. d. All of the above are correct.
When the price of gasoline rises by 40 percent, but your salary remains the same, it is an example of a decline in your:
a. standard of living b. purchasing power c. GDP index d. cost of living index e. gross economic income
Suppose the Phillips curve is represented by the following equation: ?t - ?t-1 = 20 - 2ut. Given this information, we know that the natural rate of unemployment in this economy is
A) 10%. B) 20%. C) 6.5%. D) 5%. E) none of the above
If one person's enjoyment of the benefits of a good ________ with another's consumption of it, the good is nonrival in consumption. This is a characteristic of a ________ good.
A. interferes; private B. interferes; public C. does not interfere; private D. does not interfere; public