Suppose that during a given month 200,000 persons who had been self-employed leave their business and get jobs working for other businesses. This might give __________ bias to the __________ indicator
A) an optimistic; unemployment rate
B) a pessimistic; unemployment rate
C) an optimistic; payroll employment
D) a pessimistic; payroll employment
C
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The long-run aggregate supply curve illustrates the
A) relationship of the price level and real GDP when the economy is at full employment. B) relationship of the price level and real GDP when the economy is at zero unemployment. C) amount of products producers offer at various prices when money wages and other resource prices are fixed. D) surpluses, shortages and equilibrium level of GDP.
What are the three ingredients of a financial and banking crisis?
What will be an ideal response?
Special interest legislation is inefficient because of logrolling
a. True b. False
Define the following terms and explain their importance to the study of economics.
a. Pure monopoly b. Barriers to entry c. Patent d. Natural monopoly e. Sunk costs