Gross domestic product (GDP) is:
A. a stock.
B. a flow.
C. both a stock and a flow.
D. neither a stock nor a flow.
Ans: B. a flow.
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If wages and prices adjust rapidly, we would expect expansionary monetary policy to be
A) more likely to affect the unemployment rate. B) more likely to reduce the natural rate of unemployment. C) less likely to affect the unemployment rate. D) less likely to result in a vertical short-run Phillips curve.
The labor force in the United States is defined as the adult population who are either employed or unemployed
a. True b. False Indicate whether the statement is true or false
A negative externality causes a private market to produce which of the following quantities?
a) less than market equilibrium b) more than market equilibrium c) more than is socially desirable d) less than is socially desirable
Microeconomics is defined as that part of economic analysis that
A) studies the behavior of the economy as a whole. B) includes the problems of inflation and unemployment. C) studies individual decision making by households and firms. D) concerns aggregate production and consumption.