Which statement is true?
A. There was a great deal of stagflation in the 1970s.
B. We had the worst recession since World War II in the late 2000s.
C. We have had twelve recessions since January, 1945.
D. All of the choices are true.
D. All of the choices are true.
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In the classical model, real Gross Domestic Product (GDP) per year is
A) determined by supply and demand conditions together. B) supply determined. C) demand determined. D) due to supply conditions plus the extent of government intervention in the economy.
How can a firm have a negative valued added, as supposedly some state-owned businesses did in the former Soviet Union? What has to be true for value added to be negative?
What will be an ideal response?
Unemployment arising from a mismatch of skills is called: a. frictional unemployment. b. structural unemployment. c. seasonal unemployment. d. cyclical unemployment
e. underemployment.
Which of the following is the clearest evidence of employment discrimination against minority employees?
a. The average wages of minority workers are lower than the average wages of whites. b. The average wages of minority employees are lower than the average wages of whites with similar productivity characteristics. c. The mean number of years of schooling of minority workers is lower than that of whites. d. The average hours worked by minority employees exceeds the hours worked by whites.