If an economy is operating at the natural rate of unemployment, it is
A. in an expansion.
B. experiencing inflation.
C. producing at its full employment real GDP.
D. in a recession.
Answer: C
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For which of the following medical goods or services is the income elasticity of demand largest?
a. Emergency services after a car accident. b. Measles shots. c. Physical examinations for life insurance applications. d. Medical tests to diagnose specific symptoms. e. Face-lifts.
Trade with any nation can be mutually beneficial
a. True b. False Indicate whether the statement is true or false
In surveys of professional economists, fourteen propositions were endorsed by an overwhelming majority of respondents
a. True b. False Indicate whether the statement is true or false
Refer to the above graph. In the short run, this monopolistically competitive firm will set price at:
A. $55 and produce 45 units of output B. $65 and produce 35 units of output C. $50 and produce 35 units of output D. $52 and produce 50 units of output