In periods when GDP grows very rapidly for a long period, the actual unemployment rate will be ________ than the natural rate of unemployment
A) higher B) the same C) more variable D) lower
D
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If the demand for a product decreases and the supply of the same product increases, the equilibrium quantity will increase
Indicate whether the statement is true or false
According to the Laffer curve, an increase in marginal tax rates
a. reduces total tax revenue. b. increases total tax revenue c. reduces total tax revenue when marginal tax rates rise past a certain point. d. indicates that labor supply does not respond to changes in tax rates.
A hypothesis is a normative statement
a. True b. False Indicate whether the statement is true or false
Suppose that on average each dollar in 1988 would buy what could have been purchased for 25 cents in 1967 (which you assume is the base year for the CPI). What is the CPI in 1988?
A. 100 B. 200 C. 400 D. 500