From World War II through 2017, the United States experienced ________ recessions.
A. 2
B. 5
C. 11
D. 15
Answer: C
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If unemployment is above the natural rate of unemployment, then potential GDP is:
. Equal to the GDP gap b. Greater than actual GDP c. Less than actual GDP d. Equal to actual GDP
The supply curve for a pure monopolist:
A. is the portion of the marginal cost curve that lies above the average variable cost curve. B. is perfectly price-elastic at the market price. C. does not exist because there is no fixed relationship between price and quantity supplied. D. is upsloping across all relevant ranges of output.
A competitive equilibrium is described by
A) a price only. B) a quantity only. C) the excess supply minus the excess demand. D) a constant price and a quantity.
When the economy is to the right of the potential GDP, what type of gap exists?
a. An unemployment gap b. A structural gap c. A recessionary gap d. An inflationary gap