The unemployment rate is the:
A. ratio of unemployed to employed workers.
B. number of employed workers minus the number of workers who are not in the labor force.
C. percentage of the labor force that is unemployed.
D. percentage of the total population that is unemployed.
C. percentage of the labor force that is unemployed.
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By about 1973, U.S. policymakers had learned that
a. Friedman and Phelps's analysis of inflation and unemployment had been correct. b. the short-run Phillips curve shifts when expectations of inflation change. c. there is no long-run trade-off between inflation and unemployment. d. All of the above are correct.
In order to study how changing price affects consumer decisions, we must assume all other factors, such as income and the prices of other goods are constant. This assumption is best know as
A. ceteris paribus. B. rationality. C. behavioral economics. D. normative economics.
GDP measured with constant prices is referred to as
A) real GDP. B) nominal GDP. C) the GDP deflator. D) industrial production.
In a sense, the long-run average cost curve is holding
A) short-run average variable cost curves. B) short-run marginal cost curves. C) short-run average total cost curves. D) short-run total cost curves.