If unemployment is above the natural rate, GDP is below potential output
a. True
b. False
A
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In the short run, if the economy is at full employment, then the quantity of real GDP
A) is equal to potential GDP, and the unemployment rate is equal to the natural unemployment rate. B) does not necessarily equal potential GDP, but the unemployment rate is equal to the natural unemployment rate. C) is equal to potential GDP, but the unemployment rate does not necessarily equal the natural unemployment rate. D) is equal to potential GDP, but the unemployment rate is less than the natural unemployment rate. E) exceeds potential GDP, and the unemployment rate is less than the natural unemployment rate.
In the economic way of thinking, "outsourcing" is another application of
A) the entrepreneurial attempt to buy low, and sell high. B) voluntary exchange. C) the coordination of plans across different regions. D) the discovery of people's comparative advantage. E) all of the above.
The above table gives some of the costs of the Delicious Pie Company. What is the total fixed cost of producing 100 pies?
A) $300 B) $400 C) $700 D) More information is needed to calculate the total fixed cost.
Establishing rules for voter registration is an example of a(n)
A) economic function of government. B) political function of government. C) public good. D) transfer payment.