Which of the following is correct? The natural rate of unemployment
a. is a zero unemployment rate.
b. has been steady at 3 percent over the past decade.
c. is defined by Friedman as that rate of unemployment "in which everyone who wants a job can have a job."
d. is the unemployment rate that exists in the long-run.
e. None of the above
D
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The Williams' household uses natural gas heat, the Reynolds' use a wood stove. Whose household heating system is most efficient?
A) Without more information, the question is meaningless. B) Williams' C) Reynolds' D) It depends only on the BTU's (the amount of heat produced) per unit of heat-source input.
Will a rightward shift in aggregate demand result in long-run economic growth? Why?
What will be an ideal response?
When marginal revenue is zero, demand will be:
A. inelastic. B. unit elastic. C. elastic. D. There is not sufficient information to classify the elasticity of demand.
If an economy is operating at potential output:
A. any surplus would be a structural surplus. B. a budget surplus is impossible. C. the budget must be in surplus. D. any surplus would be a cyclical surplus.