The unemployment rate is usually ________ during a depression
A) below 3% B) above 20%
C) between 3% to 5% D) between 5% to 10%
B
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Refer to Figure 3-7. Assume that the graphs in this figure represent the demand and supply curves for Fruitopia, a soft drink
Which panel describes what happens in the market for Fruitopia when the price of Snapple, a substitute product, decreases? A) Panel (a) B) Panel (b) C) Panel (c) D) Panel (d)
The idea that new policies change the economic rules and affect economic behavior, so that no one can safely assume that historical relationships between variables will hold when policies change, is known as
A) Okun's Law. B) Say's Law. C) the equation of exchange. D) the Lucas critique.
Under the expectations theory if market participants expect that future short-term rates will be higher than current short-term rates, the yield curve will
A) slope upward. B) slope downward. C) be flat. D) slope upward, slope downward, or be flat, depending on risk, liquidity, cost of information, and tax considerations.
The above figure shows the market demand curve for telecommunication while driving one's car (time spent on the car phone). If the price were zero, consumer surplus equals
A) $301.00. B) $924.50. C) $1,225.50. D) $1,250.00.