In periods when GDP grows very rapidly for a long period, the actual unemployment rate will be ________ than the natural rate of unemployment.
A. lower
B. higher
C. the same
D. more variable
Answer: A
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The process of specialization and exchange allows a producer to become
a. proficient in one or a few areas of production. b. proficient in all areas of production. c. self-sufficient. d. independent.
The process of adding more capital per worker is called capital deepening
a. True b. False Indicate whether the statement is true or false
The economic incidence of the tax means who:
A. is legally obligated to pay the tax to the government. B. actually loses more surplus as a result of the tax. C. benefits the most from of any sort of tax. D. gains surplus as a result of the government redistributing tax revenue.
During a recession:
a. Government spending automatically rises and taxes automatically rise. b. Government spending automatically falls and taxes automatically rise. c. Government spending rises automatically and taxes fall automatically. d. Government spending and taxes do not tend to change. e. None of the above.