Which of the following statements best describes the relationship between productivity and average levels of unemployment?
a. Average levels of unemployment will tend to be somewhat lower on average when productivity is unexpectedly low and, conversely, will tend to be somewhat higher on average when productivity is unexpectedly high.
b. Average levels of unemployment will tend to be somewhat higher on average when productivity is unexpectedly high and, conversely, will tend to be somewhat lower on average when productivity is unexpectedly low.
c. Average levels of unemployment will tend to be somewhat higher on average when productivity is unexpectedly low and, conversely, will tend to be somewhat lower on average when productivity is unexpectedly high.
d. Average levels of unemployment are not related to levels of productivity.
c. Average levels of unemployment will tend to be somewhat higher on average when productivity is unexpectedly low and, conversely, will tend to be somewhat lower on average when productivity is unexpectedly high.
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A $25,000 price tag on a new car is an example of money as
A) a medium of exchange. B) a unit of account. C) a store of value. D) a time deposit.
Which of the following will occur if a natural monopoly is broken into two smaller firms?
A. The price will drop. B. Industry output will increase. C. Production costs will increase. D. Industry output will decrease.
Which of the following is not a function of the Federal Reserve System?
a. Setting the required reserve ratio b. Establishing the prime lending rate c. Clearing checks d. Regulating banking activity e. Controlling the money supply.
Which of the following most accurately states the function of middlemen?
a. Middlemen reduce transaction costs. b. Middlemen add to the expense of buyers and sellers without providing any benefit. c. Our economy would work just as well without middlemen since they do not expand the availability of physical goods. d. Middlemen reduce the number of transactions since they increase the buyer's price and reduce the seller's net receipts.