The unemployment rate equals the percentage of the labor force that is unemployed
a. True
b. False
Indicate whether the statement is true or false
True
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Most economists believe that the biases in the consumer price index cause the CPI to overstate the true inflation rate by about
A) one quarter percentage point. B) one to two percentage points. C) one and one-half percentage points. D) one-half to one percentage point.
If the Fed was trying to reduce demand-pull inflation, it might:
a. sell government securities, lower reserve requirements and lower the discount rate. b. sell government securities, raise reserve requirements and raise the discount rate. c. sell government securities, lower reserve requirements and raise the discount rate. d. buy government securities, lower reserve requirements and raise the discount rate.
Constant returns to scale is the point on a production function where increasing inputs will no longer increase output
a. True b. False Indicate whether the statement is true or false
A decrease in the stock of capital may
A. decrease potential GDP. B. increase labor productivity. C. increase real GDP. D. decrease skilled labor.