Answer the next question on the basis of the following information about the hypothetical economy of Asland. All figures are in millions.Unemployed7Total population145Employed95Discouraged workers3The labor force in Asland is
A. 105 million.
B. 95 million.
C. 102 million.
D. 145 million.
Answer: C
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Supply shocks are a potential source of higher inflation, unless the government counters with ________ policy that ________ the money growth rate
A) extinguishing, reduces B) extinguishing, increases C) neutral, leaves unchanged D) accommodative, reduces E) accommodative, increases
A trade surplus occurs when
A) the value of imports is greater than the value of exports. B) government spending is less than total tax revenue. C) consumption is greater than disposable income. D) none of the above.
Which of the following conditions describes a recessionary gap?
A) The short-run equilibrium level of real GDP is above the long-run level of real GDP. B) The short-run equilibrium level of real GDP is below the long-run level of real GDP. C) The actual interest rate is above the equilibrium interest rate. D) The actual interest rate is below the equilibrium interest rate.
Total utility always decreases when additional amounts of a commodity are consumed
a. True b. False Indicate whether the statement is true or false