An exhaustible resource with a very large known reserve will most likely exhibit
A) a highly variable price in the near future.
B) a decreasing price in the near future.
C) an increasing price in the near future.
D) a constant price in the near future.
D
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If there is 3 percent frictional unemployment, 4 percent structural unemployment, and -2 percent cyclical unemployment, then the natural rate of unemployment equals:
A. 5%. B. 1%. C. 2%. D. 7%.
Over the business cycle, real GDP fluctuates around
A) the business cycle trough. B) the business cycle peak. C) nominal GDP. D) potential GDP. E) the Lucas Wedge.
Table 21.2Output (units per day)0102030Total cost (dollars per day)$40$54$62$80The marginal cost per unit between 20 and 30 units of output in Table 21.2 is
A. $4.00. B. $1.80. C. $18.00. D. $1.60.
Suppose that real GDP for 2017 was $10,000 billion and real GDP for 2018 was $9,500 billion. What is the rate of growth of real GDP between 2017 and 2018?
A) -10% B) -5% C) -2% D) -1%