The term "natural rate of unemployment" refers to the level of unemployment that occurs when:
a. the economy is healthy
b. the economy faces a recession.
c. workers in an economy move between jobs.
d. there are fundamental changes in the nature of an economy.
a
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________ is the payment received for temporarily giving up the use of money
A) Loan B) Principal C) Interest D) Collateral
Refer to above figure. If manufacturing labor were to increase to OmL2, how much value would the economy as a whole gain?
What will be an ideal response?
In the long run, a year-long drought that destroys most of the summer's wheat crops causes permanently:
A. higher prices. B. lower prices. C. lower output. D. None of these is true.
Comparing GDP across countries is unrealistic unless we make adjustment in exchange rates to take into account differences in the cost of living via
A. real GDP. B. price index. C. international GDP. D. purchasing power parity.