Which of the following options could be used to eliminate a recessionary gap?
a. Decrease consumption
b. Increase investment
c. Decrease investment
d. Increase taxes
b
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The three oil shocks the U.S. experienced in 1973-1974, 1979-1980 and 2007-2008 had which of the following consistent results?
A) a decline in real wages due to an upward shift of the production function B) an increase in the rental price of capital along with a healthy stock market response C) a decline in real wages due to a downward shift of the MPL curve D) an increase in the rental price of capital due to an upward shift of the production function E) none of the above
We say that money is a unit of account because it represents:
A. a certain amount of purchasing power held over time. B. something you can use to purchase goods and services. C. something you can directly offer, like any good or service, in exchange for some good or service you want. D. a standard unit of comparison.
The process of developing hypotheses, testing them against facts, and using the results to construct theories is called:
A. opportunity cost calculation. B. microeconomics. C. marginal analysis. D. the scientific method.
The phantom unemployed are
A. People who lack the skills to be employed. B. People who want a job but aren't looking because they don't expect to find one. C. People who report that they are actively seeking a job even when they have little or no intention of finding one. D. Workers with very high rates of absenteeism.