The statement "Resources employed in producing X are better suited to making Y" is another way of saying resources
a. are specialized.
b. are scarce.
c. are used inefficiently.
d. are unproductive.
e. have no opportunity cost.
a
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Starting from long-run equilibrium, a large tax cut will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. expansionary; higher; higher B. expansionary; higher; potential C. recessionary; higher; potential D. recessionary; lower; lower
Based on research conducted on the productivity of Hispanic and non-Hispanic workers, an employer decides to hire non-Hispanic workers. This is an example of:
A) cultural discrimination. B) special interest group discrimination. C) statistical discrimination. D) taste-based discrimination.
Fluctuations in aggregate demand and aggregate supply explain why real GDP fluctuates
Indicate whether the statement is true or false
The natural rate of unemployment is the rate that exists when the economy is producing at potential GDP
Indicate whether the statement is true or false