According to Okun's Law, if real GDP grows by 4% over a year, unemployment is likely to ________
A) increase by 0.5% B) decrease by 0.5% C) decrease by 1% D) increase by 1%
B
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If a rise in the price of good X causes the quantity demanded of good X to fall, then
a. the Engel curve for good X is downward sloping. b. the (ordinary) demand curve for good X is downward sloping. c. the demand for good X is elastic. d. good X must be a Giffen good.
Economic profit sends a signal to entrepreneurs by telling them where
A) price exceeds marginal cost. B) there are many buyers and many sellers. C) the shutdown point is. D) an above normal return on investment can be earned.
For an inferior good, the income effect
a. is zero b. at least partially offsets the substitution effect c. operates to increase the quantity demanded d. helps explain why the demand curve slopes upward e. does not exist
The composition of M2 as of December 2010 includes saving deposits at savings banks and credit unions
a. True b. False Indicate whether the statement is true or false