Which of the following general principles does the following graph demonstrate?
a. With a few exceptions, the U.S. unemployment rate remains relatively constant over
the course of any given decade.
b. The U.S. unemployment rate remains around 5 percent except during periods of
economic contraction.
c. The U.S. unemployment rate almost always rises during periods of economic
contraction.
d. Although there have been some fluctuations, the U.S. unemployment rate has
generally risen between 1900 and 2017.
c. The U.S. unemployment rate almost always rises during periods of economic
contraction.
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For a seller who is a price taker, marginal revenue is always
A) less than marginal cost. B) more than marginal cost. C) the same as marginal cost. D) less than price. E) the same as price.
Economic development around the globe will be affected by how society nurtures incentives to create new
a. ideas b. inventions c. only ideas and inventions d. only ideas and artistic creations e. ideas, inventions, and artistic creations
Most of the growth in living standards over the last ten years can be attributed to growth in labor force participation
a. True b. False
Economic growth is shown by an inward shift of the production possibilities frontier
Indicate whether the statement is true or false