When the economy was expanding in early? 2007, fewer than? _______ percent of the unemployed had been jobless for more than 6 months.
What will be an ideal response?
20
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If the price elasticity is between 0 and 1, demand is
A) elastic. B) inelastic. C) unit elastic. D) perfectly elastic.
A temporary decrease in government purchases causes the real interest rate to ________ and output to ________ in the short run, before prices adjust to restore equilibrium
A) rise; rise B) rise; fall C) fall; rise D) fall; fall
A rational individual will never consume a unit of a good if its
A. marginal utility is negative. B. marginal utility is diminishing. C. marginal utility is increasing. D. marginal utility is greater than the price of the good.
Which of the following contributes to the downward inflexibility of wages, according to mainstream economists?
A. Efficiency wages B. A monetary rule C. Price-level surprises D. Coordination failures