Compared with the recovery from the recession of 1981-82, the recovery from the recession of 2008-09 was characterized by
a. more rapid growth of real GDP.
b. a more rapid decline in the rate of unemployment.
c. larger increases in both government spending and budget deficits as a share of GDP.
d. higher interest rates and a more restrictive monetary policy.
C
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Actual unemployment can fall below the natural rate of unemployment due to
A) negative cyclical unemployment. B) structural unemployment. C) frictional unemployment. D) all of the above.
In the figure above, the deadweight loss is
A) $4,000 an hour. B) $2,000 an hour. C) $1,000 an hour. D) $5,000 an hour. E) zero.
Critics of advertising argue that advertising leads to less elastic demand for products and a larger markup of price over marginal cost
a. True b. False Indicate whether the statement is true or false
The textbook says that which of the following is among the key forces shaping today's economy?
A. Political scandals B. Globalization C. Increasing income inequality D. Government regulations