If Real GDP is less than Natural Real GDP, then the (actual) unemployment rate is
A) less than the natural unemployment rate.
B) equal to the natural unemployment rate.
C) greater than the natural unemployment rate.
D) less than or greater than the natural unemployment rate, but we cannot determine which one.
E) b and d
C
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Krystal runs a nail salon and needs to decide how many hours to stay open. Table 2.2 illustrates her marginal costs of staying open for each additional hour
Suppose that we observe Krystal staying open 5 hours and her marginal benefit of staying open per hour is $36. If she is following the marginal principle, Krystal should A) stay open 1 more hour. B) stay open 2 more hours. C) stay open 1 fewer hour. D) stay open 2 fewer hours.
The figure above shows a local lawn cutting service's demand for labor curve when the price of cutting an acre of lawn is $50 per acre. If the wage rate rises from $100 per day to $200 per day, the firm's demand for labor curve
A) shifts leftward. B) shifts rightward. C) does not shift at all, but the firm moves upward along the curve. D) None of the above because this change shifts the supply of labor curve.
Which of the following will not cause a movement along the supply curve?
a. Changes in the sellers' expectations. b. Increases in taxes per unit of output. c. Advances in technology. d. All of these.
Identify the correct statement
a. Between the 1960s and the 1990s, per capita GDPs grew faster in nonglobalizing countries. b. Between the 1960s and the 1990s, per capita GDPs grew faster in globalizing countries than in industrialized countries. c. Between the 1960s and the 1990s, per capita GDP growth rates in the industrialized world increased. d. Between the 1960s and the 1990s, per capita GDP in the industrialized world decreased. e. Between the 1960s and the 1990s, per capita GDP in all developing countries increased.