What does it mean when economists say the economy is at full? employment?
What will be an ideal response?
There is no cyclical? unemployment; the only remaining unemployment is structural and frictional.
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Which of the following is likely hardest to resell?
A) An Apple iPod B) A discount airline ticket you bought with your frequent flyer miles C) A used car D) The free spa treatment you won at a raffle
The difference between the minimum price the producer is willing to accept and the price the producer actually receives for a product is referred to as:
a. market surplus b. market shortage c. buyer surplus d. seller surplus.
Deficits and debt are often measured relative to GDP because:
A. the growth in GDP depends on the debt. B. the government's ability to repay the debt depends on GDP. C. this method always makes them appear smaller. D. this method always makes them appear larger.
When the Consumer Price Index falls from 110 to 100
a. there is inflation of 9.1% and the value of money decreases. b. there is deflation of 9.1% and the value of money increases. c. there is deflation of 10% and the value of money increases. d. there is inflation of 10% and the value of money decreases.