Refer to Table 28-3. What was Baltivia's unemployment rate in 2009?
A) 8.0%
B) 12.7%
C) 15.9%
D) 22.1%
Answer: B) 12.7%
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According to the law of increasing opportunity cost,
a. production points outside the production possibility frontier are unattainable b. the production possibility frontier becomes flatter as production increases along the horizontal axis c. the opportunity cost of producing a good rises as production of that good falls d. production points inside the production possibility frontier are unattainable e. the opportunity cost of producing a good rises as production of that good rises
What is an aggregate? How is it used in macroeconomics? Give two examples of specific aggregates that are used in the study of macroeconomics
Suppose that businesses and consumers become much more optimistic about the future of the economy. To stabilize output, the Federal Reserve could
a. buy bonds to raise interest rates. b. buy bonds to lower interest rates. c. sell bonds to raise interest rates. d. sell bonds to lower interest rates.
Demand is inelastic if
A. the quantity demanded does not change very much even if the price changes dramatically. B. the demand curve is bowed inward. C. the quantity demanded changes along with the price. D. the demand curve is bowed outward.