A person who has given up looking for work is termed a _____.
Fill in the blank(s) with the appropriate word(s).
discouraged worker
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When the unemployment rate is less than the natural unemployment rate, real GDP is ________ potential GDP
A) greater than B) unrelated to C) not comparable to D) equal to E) less than
The growth of the Euromarkets resulted in
a. developing-country governments borrowing from European banks instead of American and Japanesebanks b. higher interest rates in Europe than in the U.S. and Japan c. a general trend toward substituting foreign aid for bank lending d. a general trend toward substituting bank lending for foreign aid e. none of the above
The demand for the product of a competitive price-taker firm is:
a. perfectly inelastic. b. perfectly elastic. c. greater than zero but less than one. d. dependent on the availability of substitutes for the firm's product.
Consider Figure 8.9. If David's payoff in the bottom rectangle were 40 instead of 70, the outcome of the game would be that:
A. both choose a high price. B. both choose a low price. C. Becky chooses a high price and David chooses a low price. D. David chooses a high price and Becky chooses a low price.