_______ unemployment rises and falls with the business cycle.
a. Frictional
b. Systematic
c. Cyclical
d. Temporary
c. Cyclical
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Fiscal policy involves discretionary changes in
A) interest rates. B) exchange rates. C) income tax rates. D) the rate of growth of the quantity of money in circulation.
Which of the following would likely be traded in a monopolistically competitive market?
a. Electricity b. Airline Tickets c. Pizza d. Wheat e. Water
If a good is rationed, we can assume that
a. quantity supplied is greater than quantity demanded b. the price of the good is above its equilibrium level c. a price floor has been imposed on the market d. an excess supply of goods exists e. quantity supplied is less than quantity demanded
The Consumer Price Index compares the
a. prices of all goods and services in the economy compared to the prices of those goods and services in a base year. b. prices of consumer goods and services that a household purchases to the prices of those goods and services purchased in a base year. c. prices of producer goods and services that are made for consumers to the prices of those goods and services in a base year. d. prices of goods and services that are purchased by producers to the prices of those goods and services in a base year. e. prices of goods and services that are purchased by consumer manufacturers to the prices of those goods and services in a base year.