Refer to the information provided in Figure 2.4 below to answer the question(s) that follow.
Figure 2.4According to Figure 2.4, an increase in unemployment may be represented by the movement from
A. B to A.
B. A to C.
C. C to D.
D. B to D.
Answer: B
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When the economy enters into a recession, your employer is ________ to reduce your wages because ________
A) likely; aggregate demand is vertical in the long run B) unlikely; lower wages reduce productivity and morale C) likely; output prices always fall during recession D) unlikely; output and input prices generally fall during recession
Which of the following assumptions indicates that there is no trade-off between inflation and unemployment?
A) A vertical aggregate demand curve B) A vertical Phillips Curve C) Constant velocity D) Constant money supply growth rate
One group of people uses New York City subways only during rush hour to travel to and from work. Another group uses them only in midday for leisure activity. If New York City wants to increase transit fares with the smallest possible reduction in revenue, for which group should it increase the fare?
a. The rush-hour group because its demand for subway service is more elastic than that of the midday group. b. The rush-hour group because its demand for subway service is less elastic than that of the midday group. c. The midday group because its demand for subway service is more elastic than that of the rush-hour group. d. The midday group because its demand for subway service is less elastic than that of the rush-hour group. e. It doesn't matter because both groups have the same elasticity of demand.
If oil is considered a non-renewable resource, than oil is a. an unlimited resource
b. a scarce resource. c. not a productive resource. d. has no opportunity cost.