Between 1980 and 1995 government debt as a percentage of GDP
a. increased from about 25% to 50%.
b. decreased from about 50% to 25%.
c. decreased from about 25% to almost zero.
d. increased from about 10% to 20%.
a
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When people become unemployed because of a higher minimum wage, this type of unemployment is called
a. frictional. b. structural. c. cyclical. d. abnormal.
In the long-run equilibrium of a market with free entry and exit, if all firms have the same cost structure, then
a. marginal cost exceeds average total cost. b. the price of the good exceeds average total cost. c. average total cost exceeds the price of the good. d. firms are operating at their efficient scale.
If demand is ________ with respect to price, a price increase will ________ total revenue.
A. inelastic; decrease B. unit elastic; decrease C. inelastic; increase D. elastic; increase
Real business cycle theory is an attempt to explain business cycle fluctuations under the assumptions of
A. wage and price controls. B. closed economies and fiscal spending. C. market clearing and rational expectations. D. government intervention and trade regulation.