Cyclical unemployment
a. has a different explanation than does the natural rate of unemployment.
b. refers to the year-to-year fluctuation in unemployment around an economy's natural rate of unemployment.
c. is closely associated with short-run ups and downs of economic activity.
d. All of the above are correct.
d
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When product A is a substitute for product B, the cross-price elasticity of demand for products A and B will be _____
a. unity b. negative c. positive d. decreasing e. increasing
Which of the following statements is false?
A) Capital consists of produced goods that can be used as inputs for further production.
B) The terms resources, inputs, and factors of production are synonyms.
C) Labor consists of the physical, but not mental, talents of people who contribute to the production process.
D) Entrepreneurship is one of the four categories of resources.
E) The resource category land includes natural resources, such as minerals, forests, water, and unimproved land.
The Lehman Brothers bankruptcy triggered a financial panic that featured a(n)
A. increase in Treasury interest rates and an increase in most other interest rates. B. increase in Treasury interest rates and a decrease in most other interest rates. C. decrease in Treasury interest rates and an increase in most other interest rates. D. decrease in Treasury interest rates and a decrease in most other interest rates.
The amount by which an aggregate expenditures schedule must shift upward to achieve the full-employment real GDP is a(n)
A. recessionary expenditure gap. B. negative net export gap. C. expenditure multiplier gap. D. inflationary expenditure gap.