Agricultural explanations of the business cycle are not as important today as they were 50 to 75 years ago because today
a. agricultural production is more mechanized.
b. agricultural production is a smaller portion of the total economy.
c. agricultural production is greater.
d. we eat less.
b. agricultural production is a smaller portion of the total economy.
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More generous unemployment benefits ________ the opportunity cost of looking for a new job and therefore ________ the job search process
A) lower; extend B) lower; does not change C) lower; shorten D) raise; extend E) raise; shorten
Suppose the measured unemployment rate is 4.5% and the true natural rate of unemployment is 5.1%. What should policymakers do in this situation? Suppose that the chair of the Federal Reserve believes the natural rate of unemployment to be 4.0%
What will the chair of the Fed do in this situation, and will this be a good decision?
The slope of the production possibility frontier shows
a. how inputs must be changed to keep them fully employed. b. the technically efficient combinations of the two goods. c. how demanders are willing to trade one good for another. d. the opportunity cost of one good in terms of the other.
Economists in different areas are on the lookout for "natural experiments" that can help provide strong evidence on a subject. An example of such a natural experiment
A) Exists in the case of the split between East and West Germany after World War II and how this provides evidence on the importance of protective institutions B) Exists in the case of the adoption of new technologies like the rail engine after 1850 and how it provides evidence of the importance of technology C) Exists in the case of the trade between states like Washington and Florida and how it provides evidence on the value of trade D) Exists in the case of the case of the U.S. and Mexico given their location in North America