If the cyclical rate of employment equals 1 percent and the actual rate of unemployment equals 8 percent, then the natural rate of unemployment must equal:
A. 12.5 percent.
B. -7 percent.
C. 9 percent.
D. 7 percent.
Answer: D
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The expenditure approach measures GDP by adding the spending of households, businesses, government, and foreigners
a. True b. False Indicate whether the statement is true or false
Demand is said to be price elastic if
a. the price of the good responds substantially to changes in demand. b. demand shifts substantially when income or the expected future price of the good changes. c. buyers do not respond much to changes in the price of the good. d. buyers respond substantially to changes in the price of the good.
Refer to the information provided in Figure 2.5 below to answer the question(s) that follow.
Figure 2.5Refer to Figure 2.5. The economy is currently at Point B. The opportunity cost of moving from Point B to Point A is the
A. 120 LCD TVs that must be forgone to produce 20 additional OLED TVs. B. 30 LCD TVs that must be forgone to produce 40 additional OLED TVs. C. 20 OLED TVs that must be forgone to produce 30 additional LCD TVs. D. 40 OLED TVs that must be forgone to produce 120 additional LCD TVs.
The Norwegian economy can be characterized by Equation 24.3.EQUATION 24.3:C = 100 + 0.8Yd G = 500T = 200I = 200Refer to Equation 24.3. At the equilibrium level of output in Norway, consumption equals
A. 2,220. B. 2,500. C. 3,140. D. 3,300.