Along the long-run Phillips curve, the unemployment rate ________, and the inflation rate ________
A) can be any value; is equal to the natural inflation rate
B) is equal to the natural unemployment rate; is equal to the natural inflation rate
C) is equal to the natural unemployment rate; can be any value
D) can be any value; can be any value
E) None of the above answers is correct.
C
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Bank A has total deposits of $3 million and total reserves of $1 million. The required reserve ratio is 20 percent. The bank has excess reserves of
A) $20,000 B) $200,000 C) $400,000 D) $40,000 E) There is not enough information provided to answer this question
A monopolistically competitive firm has ________ power to set the price of its product because ________
A) no; there are no barriers to entry B) some; there are barriers to entry C) no; of product differentiation D) some; of product differentiation
Suppose the official unemployment rate is 10 percent. We can conclude without question that:
a. the same 10 percent of the people in the economy were out of work for the entire ear. b. one of every 10 people in the civilian labor force is currently unemployed. c. the same 10 percent of the people in the civilian labor force were out of work for the entire year. d. every person in the civilian labor force was out of work for 10 percent of the year. e. 10 percent of the people in the economy were out of work for 10 percent of the year.
What are the major economic effects on output, prices, and farmers’ income from government price supports that set minimum prices for farm products?
What will be an ideal response?