If a country runs a trade deficit to finance increased current consumption, it will have to increase consumption in the future to pay back its borrowings
Indicate whether the statement is true or false
FALSE
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Refer to Figure 11-2. Short run output is maximized at
A) L1. B) L2. C) L3. D) insufficient information to determine
As wages and prices become more flexible ________
A) wages becomes less responsive to unemployment deviations from the natural rate B) it becomes easier to differentiate the short-run from the long-run Phillips curve C) inflation becomes more responsive to unemployment deviations from the natural rate D) all of the above E) none of the above
According to the classical view,
A. velocity is constant, which means changes in price will cause changes in price or quantity. B. quantity is constant, which means changes in the money supply could cause either changes in velocity or changes in prices. C. velocity and price are constant so that changes in the money supply causes changes in quantity. D. velocity and quantity are constant so that changes in the money supply cause changes in prices.
When the economy was expanding in early? 2007, fewer than? _______ percent of the unemployed had been jobless for more than 6 months.
What will be an ideal response?