The cost to society of unemployment can be expressed in terms of
a. increased unemployment benefits paid for by taxpayers
b. lower real GDP
c. increased government involvement in the economy
d. decreased tax revenues
e. increased government spending
B
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Refer to the following graph. Which of the following statements is true?
a. The vertical difference between the ATC curve and the AVC curve at any output level equals AFC.
b. Total fixed cost at any output level equals the difference between ATC and AVC.
c. Whenever the MC curve lies below the ATC or AVC curves then ATC and AVC are rising.
d. The AFC curves slopes downward for as long as MC is falling but rises when MC rises.
A commercial bank's ability to lend is determined by its
A) required reserves. B) excess reserves. C) total reserves. D) capital.
Long-term interest rates are ________ than short-term interest rates because long-term loans are ________ than short-term loans.
Fill in the blank(s) with the appropriate word(s).
Refer to the figure below. In response to gradually falling inflation, this economy will eventually move from its short-run equilibrium to its long-run equilibrium. Graphically, this would be seen as
A. long-run aggregate supply shifting leftward B. Short-run aggregate supply shifting downward C. Aggregate demand shifting rightward D. Aggregate demand shifting leftward