Starting at full employment, a business cycle can be described by the following sequence: ________ equilibrium, ________ equilibrium, ________ equilibrium
A) full-employment; below full-employment; above full-employment
B) below full-employment; full-employment; above full-employment
C) above full-employment; below full-employment; full-employment
D) below full-employment; full-employment; below full-employment
B
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Jack lost his job six months ago, and he's been actively looking for a new job ever since. The Bureau of Labor Statistics would classify Jack as
A) a discouraged worker. B) unemployed. C) out of the labor force. D) all of the above.
How much is this firm's output?
Average total cost:
A. increases when output levels are low, then decreases as output decreases. B. is maximized when it equals marginal cost. C. is minimized when it equals average variable cost. D. decreases when output levels are low, then increases as output increases.
________ is/are the market value of final goods and services produced within a country during a given period of time.
A. Transfer payments B. Value added C. Consumption D. GDP