The Okun's law shows the relationship between
A) inflation and unemployment rate.
B) output growth and unemployment.
C) inflation and output growth.
D) output growth and money supply.
B
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Which of the following most closely approximates the conditions of a monopolistically competitive market?
A. The market for Grade A eggs, which is characterized by a large number of firms producing a homogeneous product. B. The restaurant industry, which is characterized by firms producing a differentiated product in a market with low entry barriers. C. Local cable television service, where a licensed supplier competes with firms offering satellite service. D. The market for jumbo aircraft, where one major domestic firm competes with one major foreign firm.
The aggregate demand curve shows the
A) total amount of nominal goods that the participants in the economy want to purchase. B) amount of goods producers will produce as production costs fall. C) total amount of real goods that foreigners want to purchase. D) total amount of planned expenditures on goods and services at each possible price level.
If the Fed wants to increase the federal funds rate, it will conduct an open market operation in which it ________ government securities and thereby shifts the ________ curve ________
A) sells; RD; leftward B) sells; RS; rightward C) sells; RS; leftward D) buys; RD; rightward E) buys; RS; leftward The figure above shows the market for reserves.
Other things remaining the same, which of the following is likely to decrease both the wage rate and the number of workers hired in a tea estate?
A) An increase in the price of tea B) A decrease in the price of tea C) A decrease in the opportunity cost of leisure D) An increase in the opportunity cost of leisure