The recession phase of the business cycle is typically associated with higher ________ and lower ________.
A. income; real GDP
B. employment; income
C. real GDP; unemployment
D. unemployment; output
Answer: D
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Using the production possibilities frontier model, unemployment is described as producing at a point
A) on the exact middle of the PPF curve. B) on either end of the PPF curve. C) inside the PPF curve. D) outside the PPF curve.
Gordon recommends that government macroeconomic policymakers focus on
A) reducing inflation to zero. B) creating a national job finding service to reduce frictional unemployment to near zero. C) creating "enterprise zones" to move jobs to areas of concentrated unemployment. D) programs to match more closely the job skills of the unemployed to those of job vacancies.
_____ is an arrangement between an attorney and the plaintiff, in which the latter agrees to pay a certain fraction of the money he/she wins to the former
a. Hourly billing b. Capitation c. Contingency d. Unitization