The only source of economic growth is technological advancement.
Answer the following statement true (T) or false (F)
False
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The line showing potential GDP is a vertical straight line because
A) it represents the minimum level of real GDP in a recession. B) when nothing else changes, a higher price level has no effect on real GDP. C) the aggregate supply curve is upward sloping. D) economists are unsure about how to determine potential GDP. E) there is only one level of full employment at any point in time.
High unemployment rates persisted for several years after the official end of the 2007-2009 recession
The long duration of unemployment for many workers can be viewed as being consistent with an increase in ________ unemployment, and therefore an increase in the natural rate of unemployment. A) frictional B) cyclical C) structural D) seasonal
The General Agreement on Tariffs and Trade (GATT) was established in
a. 1870 to protect U.S. industries and decrease world trade b. 1921 to manage legal and accounting requirements for U.S. tariffs and quotas c. 1947 to reduce trade restrictions among 23 countries d. 1973 to increase trade restrictions, after OPEC significantly raised oil prices e. 1990 to create a common market
Which of the following will increase the demand for large automobiles?
a. A fall in the price of small automobiles. b. A rise in insurance rates for large automobiles. c. A fall in the price of large automobiles. d. A rise in buyers' incomes (assuming large automobiles to be a normal good).