What term do we use to refer to the understanding of the best ways to produce goods and services?
The term is technological knowledge.
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The real business cycle theory holds that business fluctuations are caused by
A. "stop-and-go" monetary policies. B. factors affecting aggregate demand. C. significant changes in technology and resource availability. D. incorrectly anticipated government stabilization policies.
In the U.S., the poverty rate is lowest among young families with a head of household under 25
a. True b. False
If the natural rate of unemployment equals 5 percent and the actual rate of unemployment equals 6 percent, then cyclical unemployment equals:
A. 1.2 percent. B. 11 percent. C. 1 percent. D. -1 percent.
Which is a correct match of an economic resource and payment for that resource?
a. Labor and interest income b. Capital and profit c. Land and rental income d. Entrepreneurial ability and wages