Two Harvard economists, Robert Barro and Rachel McCleary, have researched the role that ________________ plays in economic growth
A) religion
B) meta-ideas
C) technology
D) human resource development
A
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Which of the following is an example of frictional unemployment?
A. Dora lost her job when the textile factory closed. She does not have skills to work in another industry and has been unemployed for over a year. B. Hector looked for a job for five weeks after finishing college. He turned down several jobs that didn't fit his skills, but now has a job that requires the expertise he gained in college. C. George is an unskilled worker who mows lawns in the summer, but is unemployed the rest of the year. D. Marsha was laid off from her job with the airline because the recession has reduced the demand for airline travel. She expects to get her job back when the economy picks up.
If the equilibrium price level is 135 but the actual price level is 120, then
A) firms decrease their production because they cannot sell the output they produce. B) the quantity of real GDP demanded is less than the quantity of real GDP supplied. C) the quantity of real GDP demanded is greater than the quantity of real GDP supplied. D) aggregate demand will increase to restore equilibrium. E) aggregate demand will decrease to restore equilibrium.
An increase in autonomous spending is sure to reduce the real money supply when
A) the economy is in the liquidity trap. B) the IS curve is vertical. C) the economy is at full employment. D) velocity is constant.
If the (steadily decreasing) marginal benefit of another day spent in the hospital exceeds the (steadily increasing) marginal cost of an additional day spent in the hospital, the rational consumer of hospital services would be predicted to
A. demand a refund from the hospital for the previous day's stay. B. check out of the hospital immediately. C. complain about the hospital food. D. stay in the hospital for at least that additional day.