In comparing unemployment rates among modern industrial nations
A. American unemployment is higher than most European nations.
B. Europe's generous unemployment benefits compared to such benefits in the U.S. and Japan help explain its relatively higher unemployment rates.
C. Several European nations have roughly equal unemployment rates as in the U.S., despite unemployment benefits that should discourage work participation.
D. None of the choices are correct.
B. Europe's generous unemployment benefits compared to such benefits in the U.S. and Japan help explain its relatively higher unemployment rates.
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Jane spends her monthly dining-out budget of $300.00 on either steak or lobster dinners. Using the above figure, what is the opportunity cost of a lobster dinner in terms of steak dinners?
A) 0.5 steak dinners per lobster dinner B) 2.0 steak dinners per lobster dinner C) 5.0 steak dinners per lobster dinner D) 10.0 steak dinners per lobster dinner
The hypothesis that people use all available information to predict the future is known as:
a. rational expectations. b. adaptive expectations. c. lagged expectations. d. trend expectations.
Government outlays consist of
a. all governmental purchases resulting from contracts with the private sector and foreign organizations b. government purchases, transfer payments, and interest on the national debt c. any purchase by an organization that is not trying to earn a profit d. government purchases and transfer payments minus the interest on the national debt e. total receipts from all organizations doing business with any level of government
Which of the following is a correct statement?
A. Demand-pull inflation is usually accompanied by higher unemployment rates. B. A supply shock will cause a variation of demand-pull inflation that can lead to hyperinflation. C. It is relatively easy to distinguish between cost-push and demand-pull inflation even if you don't know the source of the inflation. D. Demand-pull inflation will continue so long as there is excess total spending in the economy.