The economy is viewed as operating at full employment:
a. when there is no frictional unemployment.
b. when there is no structural unemployment.
c. when there is no seasonal unemployment.
d. when there is no cyclical unemployment.
d
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The economy is in a recession. The government enacts a policy to increase purchases by $2 billion. The MPC is 0.8. What would be the full increase in real GDP from the change in government purchases at a given price level?
A. $16 billion B. $10 billion C. $6 billion D. $8 billion
A surplus occurs when the actual selling price is above the market equilibrium price
Indicate whether the statement is true or false
Which of the following is not true of collective decision-making costs?
a. They impede collective action. b. They are the reason why unanimity rule is not the optimal decision-making rule. c. They imply that simple majority rule is the optimal decision-making rule. d. They increase the closer the decision rule gets to unanimity.
Which of the following is true of a perfectly competitive firm?
a. It can exert slight control over the market price of its output. b. It can exert significant control over the market price of its output. c. It can exert no control over the market price of its output. d. It can work with competitors to exert control over the market price of its output.