According to Figure 2.5, the United States civilian unemployment rate in June 2013 was ________
A) 5.0%
B) 22.1%
C) 7.8%
D) 8.5%
E) none of the above
C
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Which of the following is false? Critics of the ISLM framework have stated that
A) there is no linkage between flow and stock concepts. B) the interest rate is the only mechanism through which monetary policy operates. C) money is not a substitute for physical assets. D) velocity is assumed to be constant.
The perfectly competitive model makes a lot of fairly unrealistic assumptions. Why do economics text books still talk a lot about this model?
A) Many markets are close to being perfectly competitive. B) It is an important model to use as a benchmark to compare other markets structures to. C) Perfectly competitive markets maximize societal welfare. D) All of the above.
Movement along the curve from point A to point B represents a change in ______ in response to price level changes.
a. wages
b. output
c. input
d. rents
The three fundamental economic questions of what, how, and for whom:
A) exist because of scarcity. B) are much more serious in a socialist system. C) are not serious in a capitalistic system. D) are not relevant in the industrialized world of today.