The natural rate of unemployment includes frictional, cyclical, and structural unemployment
a. True
b. False
Indicate whether the statement is true or false
False
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Which of the following are TRUE regarding "positive" statements?
I. They describe what "ought to be." II. They describe what is believed about how the world appears. III. They can be tested as to their accuracy. A) I and II B) II and III C) I and III D) I, II and III
A monopolist faces a downward-sloping demand curve because:
a. the demand for its product is inelastic. b. the industry demand curve is horizontal. c. resource prices increase as the monopolist expands output. d. the entire market demand curve is the monopolist's demand curve.
The aggregate supply curve is found by summing up the supply curves for all the different products in the economy
a. True b. False
Before the Great Depression of the 1930s, most economists believed that
a. only active government policy could prevent recessions or inflation. b. a capitalist economy had a natural tendency to cure recessions or inflation. c. a capitalist economy had a natural tendency to inflation. d. recessions and depressions were inevitable until the economy broke down completely.