The economy is at full employment when
A) there are no unemployed workers.
B) all unemployment is frictional or structural.
C) there are fewer unemployed workers than available jobs.
D) all unemployment is cyclical.
B
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The basic truth that underlies the study of economics is the fact that we all face
A. risk. B. scarcity. C. death. D. taxes.
At any point above the current LM curve, there is an
A) excess demand for money. B) excess supply of money. C) excess demand for goods. D) excess supply of goods.
If a bank has negative excess reserves,
A. it is bankrupt. B. its required reserves are greater than its actual reserves. C. it must stop making loans. D. it must raise the interest rates it is charging borrowers.
The hypothesis that regulators eventually adopt policies that benefit the producers in the industry is known as the
A. capture hypothesis. B. share-the-gains, share-the-pains hypothesis. C. it's-a-rip-off hypothesis. D. producers' hypothesis.