Suppose that in an economy the structural unemployment rate is 1.1 percent, the frictional unemployment rate is 3.3 percent, and the unemployment rate is 3.1 percent. The natural unemployment rate is _________ percent and the cyclical unemployment rate is ___________ percent
a. 7.5; 4.4
b. 0.2; 9.9
c. 4.4; -1.3
d. 2.2; 3.1
Answer: d. 2.2; 3.1
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A) is equally as important as economic freedom. B) contributes little to job growth. C) appears to be less important than economic freedom. D) is more important than economic freedom.
If it costs $6.00 to go to the movies and $25.00 to go to a hockey game, Tom is maximizing his utility between movies and hockey if his marginal utility of movies is 12 units and his marginal utility from hockey is 25
Indicate whether the statement is true or false
Federal spending was highly expansionary during the 2007-2009 recession. During this same period, state and local government spending rose ________, and it ________ from 2009-2011
A) more than would be expected; rose again B) more than would be expected; fell C) less than would be expected; continued to rise D) less than would be expected; fell
The careful historian, in studying an institution like slavery and in striving for objectivity, will give special attention to all of the following except
(a) Those processes which recur over time and which continually motivated the institution (b) A theory which provides understanding of the cause-and-effect relationships involved (c) The background conditions of the period (d) All of the above statements must be given special attention