If the current unemployment rate is 5%, under which of the following circumstances would you expect the Fed to use expansionary monetary policy?
A) if the inflation rate is below 5%
B) if the natural rate of unemployment is above 5%
C) if the natural rate of unemployment is below 5%
D) if the inflation rate is above 5%
C
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Factors of production are
a. used to produce goods and services. b. also called output. c. abundant in most economies. d. assumed to be owned by firms in the circular-flow diagram.
Leontief suggested that his results were not a paradox once we account for differences in:
a. resource endowments. b. capital stocks. c. labor forces. d. resource productivities.
A market in which a single firm hires labor, but workers compete against one another for jobs, is a bilateral monopoly.
Answer the following statement true (T) or false (F)
Refer to the information provided in Figure 2.5 below to answer the question(s) that follow.
Figure 2.5Refer to Figure 2.5. The marginal rate of transformation in moving from Point A to Point B is
A. -2/3. B. -1.5. C. -3. D. -30.