In the prisoners' dilemma, the prisoners are allowed to communicate.
Answer the following statement true (T) or false (F)
False
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If the natural rate of unemployment equals 6 percent and the actual rate of unemployment equals 5 percent, then cyclical unemployment equals:
A. ?1.2 percent. B. -1 percent. C. 1 percent. D. 11 percent.
Suppose the economy is on the classical range of the aggregate supply curve and has a problem with inflation. According to Keynesian theory, which of the following is an appropriate discretionary fiscal policy to use in this situation?
A. a reduction in the money supply B. less government regulation C. increase federal spending D. higher taxes
If a firm is hiring a certain type of labor under purely competitive conditions:
A. its labor demand curve will be perfectly elastic at the market-determined wage rate. B. the labor supply curve will lie above the marginal labor cost curve. C. the labor supply and marginal labor (resource) cost curves will coincide and be upsloping. D. the labor supply and marginal labor (resource) cost curves will coincide and be perfectly elastic.
How are potential GDP and real GDP alike?
A. They are both influenced by changes in the price level. B. They both increase when the output gap is positive. C. They are both adjusted for inflation. D. They are two different terms for the same thing.