There is general agreement among economists that the long-run time period exceeds one year
a. True
b. False
Indicate whether the statement is true or false
False
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Explain the difference between nominal GDP and real GDP. Which is more important when using GDP as a measure of production? Why?
What will be an ideal response?
When the economy is at its natural rate of unemployment,
A) it is still experiencing frictional and cyclical unemployment. B) it is still experiencing structural and cyclical unemployment. C) it is still experiencing frictional, seasonal, and structural unemployment. D) it is still experiencing frictional, structural, and cyclical unemployment.
Which of the following most closely represents the share of total U.S. income that flows to the poorest 20 percent of all U.S. households?
a. 49 percent b. 23 percent c. 15 percent d. 4 percent
The law of diminishing marginal product holds that as a variable input increases while other inputs are fixed, ______.
a. eventually the fixed inputs will increase at a rate equal to or below the variable increases b. labor demanded will be high at both very low and very high outputs creating a U- shaped curve c. the marginal revenue product will eventually cause the labor demand curve to turn upward d. at some point the increase will lose its effectiveness, and additions to output will decline