Suppose the actual rate of unemployment is 4 percent. What is the natural rate of unemployment if actual output equals potential output?
A. ?4 percent
B. 4 percent
C. 0 percent
D. 2 percent
Answer: B
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The nominal GDP in Liplandis is currently $3,456 billion. If net foreign factor income increases by $400 billion, the nominal GDP will ________.
A. not change B. increase by $400 billion C. fall, but by less than $400 billion D. fall by $400 billion
A monopoly's output decision depends only on the shape of its marginal cost curve
Indicate whether the statement is true or false
One reason the U.S. government is sensitive to demands by the elderly is that the elderly have higher voter participation rates than members of other age groups
a. True b. False
Under a market system of resource allocation
a. prices determine what consumers buy while the government determines what firms produce b. prices determine what firms produce while the government determines what consumers buy c. prices determine both what firms produce and what consumers buy d. the government determines both what firms produce and what consumers buy e. the government allocates resources while prices allocate goods and services