Eric lost his job because a recession caused his employer's sales to fall. This is an example of:
A. involuntary unemployment.
B. frictional unemployment.
C. structural unemployment.
D. cyclical unemployment.
Answer: D
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Suppose that the expected inflation rate is 3 percent and the actual inflation rate is 6 percent. Then borrowers
A. are worse off and lenders are better off. B. and lenders are both worse off. C. are better off and lenders are worse off. D. and lenders are both better off.
Refer to the scenario above. If the individual places his bet on one pocket, his likelihood of winning is:
A) 0.50%. B) 1%. C) 2%. D) 5%.
The following are national income account data for a hypothetical economy in billions of dollars: government purchases ($940); personal consumption expenditures ($4,920); imports ($170); exports ($133); gross private domestic investment ($640). What is GDP in this economy?
a. $6,633 billion b. $6,463 billion c. $6,500 billion d. $6,537 billion
The amount the government budget deficit would be if the economy were at full employment is known as the
A. natural deficit. B. full-employment deficit. C. primary deficit. D. current deficit.