Unemployment rates tend to be highest during periods of:
A. recession.
B. static movement.
C. economic boom.
D. recovery.
Answer: A
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What can be said about the market price when a good is in surplus (i.e., when the quantity supplied exceeds the quantity demanded)? How will demanders and suppliers respond to a surplus, and what will happen to the market price?
What will be an ideal response?
Refer to Table 8-8. Suppose that a simple economy produces only four goods and services: sweaters, CDs, sugar, and soft drinks
Assume one half of the sugar is used in making the soft drinks and the other half of the sugar is purchased by households. Calculate nominal GDP for this simple economy.
Higher rates of employment and substantial per capital output gains seem to occur when the real economic growth rate
a. is less than 1 percent. b. is less than 2 percent. c. exceeds 3 percent. d. is between 1.5 and 2 percent.
The key difference between supply in the short run and supply in the long run is that we assume that firms:
A. will have a total supply that is constant in the long run. B. are able to enter and exit the market in the long run. C. are able to enter and exit the market in the short run. D. will not collude in the short run.