Full employment in the United States
A. means that the cyclical unemployment rate is about 2%.
B. means 0% unemployment for 6 months.
C. means the economy has no cyclical unemployment.
D. means a 100% employment rate.
Answer: C
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A decrease in the availability of raw materials that increases the price level is called a ________ shock
A) negative demand B) positive demand C) negative supply D) positive supply
Which of the following will NOT cause a rightward shift in the supply curve?
A) an improvement in technology B) a reduction in resource costs C) a reduction in the expected future price D) none of the above
Free markets produce allocatively efficient outcomes and have no flaws
a. True b. False Indicate whether the statement is true or false
If the Kenyan nominal exchange rate declines, and prices are unchanged in Kenya and abroad, then the Kenyan real exchange rate
a. does not change. b. rises. c. declines d. None of the above is necessarily correct.