During recessions
a. workers are laid off.
b. factories are idle.
c. firms may find they are unable to sell all they produce.
d. All of the above are correct.
d
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Structural unemployment is
A) associated with the changing of jobs in a dynamic economy. B) associated with general downturns in the economy. C) associated with changes in technology that change required job skills. D) very short-term unemployment.
Extrapolative expectations work when prices are rising, but not when prices decline.
Answer the following statement true (T) or false (F)
Advertisers currently spend about $100 million per year to change the demand for products.
Answer the following statement true (T) or false (F)
Answer the question based on the following price and output data over a five-year period for an economy that produces only one good. Assume that year 2 is the base year.
Refer to the above data. In year 4, nominal GDP would be:
A.
$60
B.
$90
C.
$120
D.
$316