The shortfall between actual real GDP and potential GDP
a. decreases as the unemployment rate rises.
b. increases as the unemployment rate rises.
c. increases as the employment rate rises.
d. decreases as the labor force increases.
b
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When economists say that money promotes ________, they mean that money encourages specialization and the division of labor
A) bargaining B) contracting C) efficiency D) greed
A change in the dollar value of the British pound from $1.60 to $1.50 represents
A) an increase in the pound price of British goods. B) an appreciation of the dollar relative to the pound. C) an appreciation of the pound relative to the dollar. D) an increase in the dollar price of British goods.
Which of the following would be viewed as a common property problem?
A) Your property is burglarized. B) Vandals damage your property. C) People pick all of the flowers in a public park. D) To be safe you must lock your door at night.
In which of the following areas were substantial New Deal reforms NOT made?
a. The commercial banking system. b. The Federal Reserve System. c. Securities markets. d. Corporate accounting standards.