If the unemployment rate increases from 4 percent to 10 percent, then the economy is mostly likely in a(n):
A. expansion.
B. boom.
C. aggregation.
D. recession.
Answer: D
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If the money prices of resources changes
A) the LAS curve shifts. B) the SAS curve shifts. C) the AD curve shifts. D) the macroeconomic equilibrium is unaffected.
What is typically used for cross country comparisons of GDP?
a. purchasing power parity (PPP) b. exchange rate c. GDP per capita d. GDP
An outcome is socially optimal if it:
A. is determined by the government. B. maximizes total economic surplus. C. leaves no unexploited opportunities for individuals. D. is an equilibrium outcome.
The demand curve faced by a pure monopolist:
A. may be either more or less elastic than that faced by a single purely competitive firm.
B. is less elastic than that faced by a single purely competitive firm.
C. has the same elasticity as that faced by a single purely competitive firm.
D. is more elastic than that faced by a single purely competitive firm.