Refer to Figure 13-4. What is the area that represents the loss made by the firm?
A) the area P1bcP2 B) the area P0acP2 C) the area P2cdP3 D) the area P0adP3
C
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Workers in the textile industry are laid off during a recession because they are unwilling to accept a wage cut, unless they know that workers in other industries are receiving similar cuts. This example is consistent with the
A. social contract explanation of unemployment. B. relative-wage explanation of unemployment. C. explicit contract explanation of unemployment. D. efficiency wage explanation of unemployment.
We are told that over the past year actual real GDP has risen by three percent. This fact alone is enough to tell us that
A) the unemployment rate has fallen. B) the inflation rate has risen. C) the actual real GDP is above natural real GDP. D) productivity has grown. E) none of the above.
Food and energy prices often complicate the measurement of inflation because...
What will be an ideal response?
The Fed's policy is determined by the
A) Federal Open Market Committee. B) Executive Council to the Governor. C) Regional Federal Reserve Banks. D) Board of Governors. E) Federal Monetary Policy Committee.