Which of the following scenarios best illustrates the concept of cyclical unemployment?
a. Grace loses her job because of new automated machinery.
b. Sean quits his job to look for work that is more fun.
c. Ellen quits looking for work because she doesn't think she can find a suitable job.
d. Marian loses her job because of a recession.
d
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Looking at the annual inflation rates in the United States from 2000 to 2013, we see that they
A) were above 10 percent throughout the period. B) were at or below 5 percent throughout the period and was negative for a year. C) started low, but increased to over 9 percent by the end of the period. D) started out above 10 percent but fell to 5 percent by the end of the period. E) were negative for most of the years during this period.
The rate of inflation tends to remain constant when
A) the unemployment rate is above the NAIRU. B) the unemployment rate equals the NAIRU. C) the unemployment rate is below the NAIRU. D) the unemployment rate increases faster than the NAIRU increases.
Answer the following questions:
a. What does GDP measure, and why is it a useful tool for economists, business decision makers, and government policy makers? b. Explain at least two important things GDP does not measure.
The argument for government intervention implies that government regulation can improve market outcomes.
Answer the following statement true (T) or false (F)