Okun's law summarizes the relationship between
A) unemployment and inflation.
B) potential GDP and real GDP.
C) potential GDP and the deviation from potential GDP.
D) the output gap and the cyclical rate of unemployment.
D
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The Farm Factory, a booth at the local Farmer's Market, sells fresh eggs for $1.50 per dozen and fresh milk for $2.50 per gallon. What is the opportunity cost of buying a gallon of milk?
A) 3/5 of a dozen eggs B) $1.50 C) 1 2/3 dozen eggs D) $2.50
When supply and demand both increase, equilibrium
a. price will increase. b. price will decrease. c. quantity may increase, decrease, or remain unchanged. d. price may increase, decrease, or remain unchanged.
The most potent argument against globalization is that _____________.
Fill in the blank(s) with the appropriate word(s).
Answer the following statement(s) true (T) or false (F)
1. Between 2000 and 2006, many mortgage-backed securities were given AAA ratings. 2. In 2005–2006, the Fed lowered interest rates. 3. Zero down payment mortgages led to fewer foreclosures. 4. Housing construction grew rapidly from 2006 to 2008. 5. The Dodd-Frank Act requires mortgage brokers to document applicants’ income, credit history and job status