Refer to the information provided in Table 21.3 below to answer the question(s) that follow. Table 21.3
Refer to Table 21.3. The value for gross domestic product in billions of dollars is
A. 485.
B. 680.
C. 685.
D. 710.
Answer: D
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What is the natural rate of unemployment, and what types of unemployment constitute the natural rate of unemployment?
What will be an ideal response?
Consider the two graphs above. Suppose there is an increase in the real interest rate. This would ________ the desired level of the capital stock, as depicted in graph ________
A) increase; B B) increase; A C) decrease; B D) decrease; A
The rational expectations hypothesis states that
A. people incorporate past and present economic information into decision making. B. prices do not adjust in a downward direction. C. consumers do not understand the effects of monetary and fiscal policy. D. individuals always behave irrationally.
A monopolistically competitive firm that earns an accounting profit in the short run
A) could earn an economic profit or break even, but could not suffer an economic loss in the short run. B) does not earn enough to earn an economic profit in the short run. C) could earn an economic profit, break even, or suffer an economic loss in the short run. D) must also earn an economic profit in the short run.