If the price of chicken falls, then in the market for beef
A) the demand curve for beef shifts rightward.
B) the demand curve for beef shifts leftward.
C) there is a movement downward along the demand curve for beef.
D) there is a movement upward along the demand curve for beef.
B
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The Soviet Union's economy grew rapidly in terms of GDP per hour worked in the 1950s, but eventually this growth slowed. Why did this occur?
A) Capital per hour worked grew rapidly from 1950 to 1980, but technological change occurred very slowly. B) Increasing implementation of new technologies eventually suffered diminishing marginal returns. C) Capital per hour worked grew slowly, but technological change grew very rapidly. D) The centrally planned economy invested too heavily in technological change.
Natural rate of unemployment is the normal rate of unemployment toward which the economy gravitates.
Answer the following statement true (T) or false (F)
Refer to Figure 10.3. If full-employment GDP is $500 billion and the economy is on AD0,
A. An inflationary gap exists, and AD must decrease by less than $100 billion to eliminate it. B. A recessionary gap exists, and AD must increase by more than $100 billion to eliminate it. C. An inflationary gap exists, and AD must decrease by more than $100 billion to eliminate it. D. An inflationary gap exists, and AD must increase by $100 billion to eliminate it.
The face value of money or income is called its ________ value.
A. real B. marginal C. nominal D. external