The probability of an outcome
A) is the number of times that the outcome occurs in the long run.
B) equals M × N, where M is the number of occurrences and N is the population size.
C) is the proportion of times that the outcome occurs in the long run.
D) equals the sample mean divided by the sample standard deviation.
Ans: C) is the proportion of times that the outcome occurs in the long run.
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Which of the following about unemployment is true?
a. The unemployment rates of the major European economies were substantially lower than in the United States during the last decade. b. High unemployment rates over lengthy time periods are indicative of structural and regulatory factors that are exerting an adverse impact on the natural rate of unemployment. c. The natural rate of unemployment is unaffected by changes in the age composition of the labor force (for example, an increase in the relative number of youthful workers). d. Institutional changes such as an increase in the minimum wage may increase cyclical unemployment but will not affect the natural rate of unemployment.
Deflation is to the price level as disinflation is to ______.
a. inflation b. the inflation rate c. relative price d. a price index
In your opinion do government policies to stabilize real domestic production have a larger role to play in the IS-LM-FE model or in the monetary approach to the balance of payments? Why? (Note: This question is an extension of the analysis. It is not covered explicitly in the book.)
What will be an ideal response?
Workers expect inflation to rise from 3% to 5% next year. As a result, this should
A) shift the short-run aggregate supply curve to the left. B) move the economy down along a stationary short-run aggregate supply curve. C) shift the short-run aggregate supply curve to the right. D) move the economy up along a stationary short-run aggregate supply curve.