Which of the following best describes the inflation rate in the United Kingdom in 1975?
a. 8%
b. 15%
c. Almost 25%
d. More than 25%
c. Almost 25%
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Changes in nominal GDP always reflect changes in real output
a. True b. False Indicate whether the statement is true or false
According to John Maynard Keynes, policy makers should respond to a downturn in the business cycle by:
A. Cutting taxes and increasing government spending. B. Cutting taxes and reducing government spending. C. Raising taxes and increasing government spending D. Raising taxes and reducing government spending E. Do nothing because government activism violates Keynes' laissez faire approach.
Refer to the information provided in Figure 2.4 below to answer the question(s) that follow.
Figure 2.4Refer to Figure 2.4. The economy moves from Point E to Point B. This could be explained by
A. a change in society's preferences for hybrid cars versus motorcycles. B. an increase in economic growth. C. an increase in unemployment. D. a reduction in unemployment.
If the number of unemployed equals 125,000 and the number of employed equals 275,000, the labor-force participation rate
A. is 31.2%. B. is 68.8%. C. is 75%. D. cannot be determined from this information.