Below are pairs of GDP growth rates and unemployment rates. Economists would be shocked to see most of these pairs in the U. S. Which pair of GDP growth rates and unemployment rates is realistic?
a. 5 percent, 1 percent
b. 3 percent, 5 percent
c. -1 percent, 3 percent
d. -2 percent, 4 percent
b
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Assume that the tuna fishing industry is perfectly competitive. Which of the following best characterizes the industry if, as demand for tuna increases, fishing boats have to go farther into the ocean to harvest tuna?
A) a fixed-cost industry B) a decreasing-cost industry C) an increasing-cost industry D) a constant-cost industry
Ongoing inflation has its own momentum because
a. prices rise whenever firms see other prices rising b. the public learns to expect inflation and adjusts its decisions in response c. public officials are unwilling to stop prosperity d. more and more people now have jobs e. we are always playing catch up, trying to get what we lost when others raise prices
The Clayton Act
a. was passed in 1890 b. created the Federal Trade Commission c. abolished antitrust policy in this country d. attempted to give explicit content to what formed an antitrust violation e. made mergers between corporations illegal
The marginal revenue curve for a monopolist
A. is identical to its demand curve. B. is always below its demand curve if the demand curve is downward sloping. C. is always below its demand curve if the demand curve is horizontal. D. typically crosses the average revenue curve.