By 1980, the unemployment rate in the United States for women was essentially the same as that for men
a. True
b. False
Indicate whether the statement is true or false
True
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Suppose that the natural unemployment rate is 4.5 percent and the actual unemployment rate is 3.5 percent. Then cyclical unemployment is
A) 1 percent. B) -1 percent. C) 8 percent. D) 0 percent.
If the cross elasticity of demand for potato chips and pretzels equals 1.5,
A. potato chips and pretzels must both be luxury goods. B. either potato chips or pretzels must be a luxury good, and both may be luxury goods. C. potato chips and pretzels must be substitutes. D. potato chips and pretzels must be complements.
Which of the following statements does not reflect the concept of factor suitability?
A. It is one of the three concepts that explain the Law of Increasing Cost. B. If the economy is shifting from butter to gun production, the butter makers will give the gun makers their worst workers. C. Too many farmers work one field, eventually it will lead to less production. D. All farmland is not equally well-suited for producing corn.
Explain how it is possible for a country to consume a greater quantity of goods and services than it is actually capable of producing.
What will be an ideal response?