Based on the information in the table, what is the unemployment rate?Population 16 and older1,000,000Participation Rate80%Employed Workers720,000
A. 10.0%
B. 8.0%
C. 28.0%
D. 7.2%
Answer: A
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An economist claims that "the evidence suggests that high rates of inflation are associated with slow long-term economic growth." This is an example of
a. positive economics b. normative economics c. negative economics d. a simplifying assumption e. microeconomic analysis
What is unique about Chinese industrial revolution?
a. It is led by foreign workers b. It is led by international investment c. It is led by rural people through rural industrialization d. It is led by reform leaders. e. none of the above
Answer the following statements true (T) or false (F)
1. When there is an increase in aggregate demand in the short run, there will be an increase in the price level but not in the level of output or employment. 2. When the economy is experiencing demand-pull inflation, its real GDP tends to be rising. 3. The oil crises of the 1970s and 1980s can best be illustrated as a shift of the aggregate demand curve to the left. 4. Cost-push inflation can be described as a rightward shift of the aggregate supply curve. 5. Minimum wage laws tend to make the price level more flexible rather than less flexible.
According to the policy irrelevance proposition, monetary policy can affect real variables
A) in the short run only, and then only if the policy was fully anticipated. B) in both the short run and the long run. C) in the short run only, and then only if the policy was unanticipated. D) in the long run only.