Refer to the graph shown. Given this budget constraint, if bagels cost $1.80 each, croissants must cost:
A. $1.80 each.
B. $0.90 each.
C. $3.60 each.
D. It is impossible to know from the information given.
Answer: A
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The main process by which a recessionary gap is eliminated is a(n)
A. increase in wages that shifts the aggregate supply curve inward. B. drop in wages that shifts the aggregate demand curve inward. C. increase in wages that shifts the aggregate demand curve outward. D. drop in wages that shifts the aggregate supply curve outward.
In the economic way of thinking, the right to coerce adults is
A) immoral. B) a property right. C) the most efficient way for management to control labor. D) necessarily antithetical to a free and open society. E) good because it's rooted in the Old Testament.
With the exception of during recessions, workers in Canada are eligible for unemployment benefits for about twice as long a period of time as workers in the United States. As a result,
A) frictional unemployment is higher, on average, in the United States than in Canada. B) the opportunity cost of job search in Canada is lower than in the United States. C) the average duration of unemployment is longer in the United States than in Canada. D) the unemployment rate in Canada is usually higher than in the United States.
Which of the following macroeconomic variables is the most seasonally procyclical?
A) Expenditure on services B) The unemployment rate C) Expenditure on durable goods D) The real wage