The natural rate of unemployment is comprised of
A) frictional and cyclical unemployment.
B) frictional and structural unemployment.
C) cyclical and structural unemployment.
D) frictional, cyclical, and structural unemployment.
B
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If the economy is in a liquidity trap, then:
a. fiscal policy can still stimulate the economy through lower interest rates. b. monetary policy cannot stimulate the economy by lowering interest rates. c. the precautionary demand for money is falling. d. all of the above.
Changing the ownership of the ocean from common property to private property would
A) ensure that this resource would be allocated in a more efficient manner. B) ensure that this resource would be allocated in a less efficient manner than under common property rights. C) not be economically desirable. D) result in no appreciable change in efficiency of utilization of this resource.
Within the framework of the Keynesian model, if aggregate expenditures exceed aggregate output, then:
A. the inventories of firms would decline, and the firms would expand output in order to restore their inventories to desired levels. B. the inventories of firms would increase, and the firms would reduce output until inventories were cut back to the desired level. C. the current level of income would persist in the future. D. firms would reduce their investment, and the economy would fall into a recession.
Which of the following statements is NOT true?
A. An English auction yields higher expected revenues than a second-price, sealed-bid auction when bidders are risk averse. B. An auctioneer is always indifferent between different kinds of auctions. C. The Dutch and first-price, sealed-bid auctions are strategically equivalent. D. A mineral rights auction is a common value auction.