During the Global Economic Crisis, the increase in the unemployment rate in Europe was
A) equal to that in the United States.
B) less than that in the United States.
C) greater than that in the United States.
D) impossible to compare given that Europe did not experience crises.
B
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Suppose that IS and LM intersect at full-employment output. A rightward shift of IS will be followed by a __________ price level that shifts LM to the __________ in a return to full-employment
A) rising; right B) rising; left C) falling; right D) falling; left
A government budget surplus is
A) a situation in which the supply of goods in the economy is greater than the demand for goods. B) a situation in which the amount spent by the government is greater than the amount collected in taxes. C) the public debt. D) an excess of revenues over government spending.
Which one of the following is a positive economic statement?
a. An increase in the minimum wage will reduce employment for teenagers. b. The minimum wage should be increased. c. Social justice will be served by increasing the minimum wage. d. Thoughtful people oppose an increase in the minimum wage.
An example of an external force affecting the business cycle is
a. an inventory accumulation. b. the multiplier effect. c. a change in business attitudes toward investment. d. a change in the discount rate by the Fed.