If the economy is operating at an unemployment rate above the full employment rate,
a. actual output is above potential output
b. actual output is below potential output
c. frictional unemployment has been eliminated
d. structural unemployment has been eliminated
e. actual output equals potential output
B
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Which of the following would cause an increase in the supply of cheese?
A) an increase the price of a product that producers sell instead of cheese B) an increase in the price of cheese C) a decrease in the price of wine (assuming that cheese and wine are complements) D) an increase in the number of firms that produce cheese
Which of the following is most like money?
A) game arcade tokens B) board game "money" C) credit cards D) baseball trading cards E) frequent flyer miles
Which statement is most likely correct about quantity supplied?
a. When economists refer to quantity supplied, they are referring to a certain point on the supply curve or a certain quantity on the supply schedule. b. When economists refer to quantity supplied, they are referring to the relationship between a range of prices and the quantities supplied at those prices. c. Quantity supplied does not change with price. d. Quantity supplied will increase for one good when the quantity of the other good is increased.
The United States Social Security system
A. pays benefits in direct accordance to what each individual has paid into the system. B. has paid the current generation of recipients less in benefits than it paid in payroll taxes. C. has paid the current generation of recipients more than it paid in payroll taxes. D. paid the earlier generations more and the current generation less than each paid in payroll taxes.