Figure 10-8
The economy depicted in is in
a. short-run equilibrium at less than the full-employment output level.
b. short-run equilibrium at an output level beyond full employment.
c. long-run equilibrium at point a.
d. long-run equilibrium at point b.
a
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What role might discrimination play in accounting for income inequality?
What will be an ideal response?
Purchases of Huggies diapers should
A) increase in recessions and decrease in expansions. B) decrease in recessions and increase in expansions. C) remain fairly constant over the business cycle. D) increase in recessions and remain constant in expansions.
The unemployment rate is the number of people classified as unemployed as a percentage of: a. the entire population
b. the population over the age of sixteen. c. the labor force. d. the number of people over the age of sixteen who are employed.
A quota is a
a. tax imposed on each unit of an exported good b. tax imposed on each unit of an imported good c. change in the terms of trade between two nations d. result of opportunity cost differentials between two nations e. restriction on the quantity of a good that may be imported