In the modern U.S. economy, the typical unemployed person stays unemployed for
A) an amount of time that is hard to quantify.
B) a long time during expansions and a short time during recessions.
C) a relatively long time, over a year.
D) a relatively short time, less than six months.
D
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Based on the figure below. Starting from long-run equilibrium at point C, a decrease in government spending that decreases aggregate demand from AD1 to AD will lead to a short-run equilibrium at__ creating _____gap.
A. B; no output B. D; an expansionary C. B; recessionary D. D; a recessionary
"Logrolling" is
A) the exchange of votes to gain support for legislation. B) pressure that special interest groups place on politicians. C) when politicians refuse to go into detail and speak only in generalities. D) the process by which government agencies make sure they spend their allotted annual budget.
Exhibit 14A-6 Aggregate demand and supply model
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Given the shift of the aggregate demand curve from AD1 to AD2 in Exhibit 14A-6, the real GDP and price level (CPI) in long-run equilibrium will be:
A. $10 billion and 200. B. $4 billion and 150. C. $10 billion and 150. D. $10 billion and 100.
Assume that the coefficient of elasticity of product demand is 0.5 in industry A and is 3.2 in industry B. Other things equal, labor demand will be:
A. more elastic in industry A than in B. B. relatively elastic in both industries A and B. C. more elastic in industry B than in A. D. relatively inelastic in both industries A and B.