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.
A
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Consider a PPF with consumption goods on the horizontal axis and capital goods on the vertical axis. If the country operates on its PPF near its ________ axis, this country ________
A) vertical; will experience greater economic growth B) vertical; will not face opportunity costs C) horizontal; will have a larger chance at economic growth D) horizontal; faces larger trade offs E) vertical; is operating at an inefficient point
In the long run, a rise in a country's price level (relative to the foreign price level) causes its currency to ________, while a fall in the country's relative price level causes its currency to ________
A) appreciate; appreciate B) appreciate; depreciate C) depreciate; appreciate D) depreciate; depreciate
Two goods, X and Y, are called complements if
a. an increase in PX causes more Y to be bought. b. an increase in PX causes less Y to be bought. c. an increase in PY causes less Y to be bought. d. an increase in income causes more of both X and Y to be bought.
Any event that increases the value of the marginal product of labor will:
A. increase labor demand. B. decrease labor demand. C. increase labor supply. D. decrease labor supply.