The last few years of the 1990s in the United States were characterized by:
A. low inflation and high unemployment.
B. stagflation.
C. low inflation and low unemployment.
D. a high misery index.
C. low inflation and low unemployment.
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The classical framework is based on which of the following assumptions?
A) many firms in the economy B) no single firm can control prices C) in the long-run the quantity of factors supplied must be equal to the quantity of factors demanded D) all of the above E) none of the above
Hired housekeepers, nannies, and cooks, working in households as either employees or self-employed persons, earn incomes for productive services that are not counted in GDP
Indicate whether the statement is true or false
In the classical theory of employment a decline in the rate of interest will _____ saving and _____ investment.
Fill in the blank(s) with the appropriate word(s).
We can safely say that total output can increase if there is a(n)
A. increase in the number of machines per worker. B. decrease in the number of workers per machine. C. increase in the size of the labor force and a decrease in the productivity of workers. D. decrease in the size of capital and an increase in the productivity of machines.