After graduating from college, it takes Kim several months to find a professional job. This is an example of which type of unemployment?
A. Structural unemployment
B. Seasonal unemployment
C. Cyclical unemployment
D. Frictional unemployment
D. Frictional unemployment
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In the long run, the effect of a reduction in the money supply is to
A) decrease both the price level and real Gross Domestic Product (GDP). B) decrease real Gross Domestic Product (GDP) only. C) decrease the price level and increase real Gross Domestic Product (GDP). D) decrease the price level only.
Suppose demand for a good is QD = 100 - P and supply is QS = -20 + P. What is the consumer surplus?
a. 200 b. 400 c. 600 d. 800
If the MPC is 0.75, and the government cuts spending by $100b, the overall effect on GDP will be:
A. a decrease of $400b. B. an increase of $250b. C. a decrease of $250b. D. an increase of $400b.
Refer to the accompanying figure.
Starting from long-run equilibrium at point C, an increase in government spending that increases aggregate demand from AD to AD1 will lead to a short-run equilibrium at point ________ creating ________ gap.
A. A; a recessionary B. B; no output C. B; expansionary D. D; an expansionary