Sectoral shifts contribute to frictional unemployment
a. True
b. False
Indicate whether the statement is true or false
True
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The demand for computer chips is a downward sloping straight line. If there is an increase in the supply of computer chips, this change will
A) increase the price elasticity of demand for computer chips. B) decrease the price elasticity of demand for computer chips. C) have no effect on the price elasticity of demand for computer chips. D) have an unpredictable effect on the price elasticity of demand for computer chips.
In today's economy, dollar bills serve as money because
A) people have confidence that others will accept them as money. B) they are backed by gold. C) they have a value as a commodity independent of their use as money. D) they can be redeemed for gold by the Federal Reserve.
If the inflation rate is 7 percent, real GDP growth is 2 percent, and the current budget deficit is $100 billion, what must the current national debt be if the debt-GDP ratio is to remain the same?
A) $1,111 billion B) $2,000 billion C) $1,429 billion D) $5,000 billion
Use the above figure. Which graph depicts substitute goods?
A) A B) B C) C D) D