In 2009, actual output in the United States was 4.6 percent below the potential output. This implies that _____
Fill in the blank(s) with the appropriate word(s).
there was a recessionary gap in the economy.
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In April 2000, the United States had a labor force of 141,230,000, employment of 135,706,000, and there were 67,986,000 people not in the labor force (all numbers rounded to the nearest 1000)
(a) Calculate the unemployment rate. (b) Calculate the participation rate. (c) Calculate the employment ratio.
When a nation reduces the barriers to international trade:
A. the total value of all goods and serviced produced by the nation rises. B. the total value of all goods and services produced by the nation falls. C. each individual citizen becomes better off. D. each individual citizen becomes worse off.
Proponents of deficit reduction argue that the principal effect will be an
A. outward shift of the aggregate supply curve. B. inward shift of the aggregate supply curve. C. outward shift of the aggregate demand curve. D. inward shift of the aggregate demand curve.
The law of demand states that consumers buy more of a good when its price declines:
A. even if other demand determinants change at the same time. B. only if their income increases at the same time. C. provided all else remains constant. D. because their income increases at the same time.