Refer to the information provided in Figure 18.1 below to answer the question(s) that follow.
Figure 18.1Refer to Figure 18.1. The third fifth of families earned ________% of income in Outland.
A. 12
B. 23
C. 25
D. 35
Answer: B
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At full employment the unemployment rate equals the
A) cyclical unemployment rate. B) structural unemployment rate plus the frictional unemployment rate. C) structural unemployment rate plus the cyclical unemployment rate. D) structural unemployment rate.
If I buy 3 cups of coffee, paying $1 for each cup, and I would have been willing to pay up to $3 for the first cup, up to $2 for the second cup, and up to $1 for the third cup, then my consumer surplus is:
a. $6. b. $5. c. $3. d. $2. e. $1.
A U.S. publisher purchases new computers that were manufactured in the U.S. This purchase by itself makes
a. a positive contribution both to investment and to GDP. b. a positive contribution both to consumption and to GDP. c. a positive contribution to GDP, but it does not affect investment or consumption. d. a positive contribution to investment, but it does not affect GDP.
Sticky nominal wages can result in
a. lower profits for firms when the price level is lower than expected. b. a decrease in real wages when the price level is lower than expected. c. a short-run aggregate-supply curve that is vertical. d. a long-run aggregate-supply curve that is upward-sloping.