All of the following are true when the economy is growing except
A. Duration of unemployment falls.
B. Costs associated with current unemployment fall.
C. Underemployment rises.
D. Unemployment rate falls.
Answer: C
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The Kwakiutl Indians of the Northwest used Hudson Bay blankets as a general medium of exchange. In the economic way of thinking, their blankets were therefore used
A) irrationally. B) as goods in and of themselves. C) without regard to their value. D) as money.
The average person spends _________ of waking hours in some form of communication
a. 10 b. 20 c. 70 d. 90
The speculative demand for money is associated with ___________ and, graphed with interest rate on the vertical axis and money on the horizontal, is ___________
a. classical economics; upward sloping b. classical economics; downward sloping c. monetarists; downward sloping d. Keynesian economics; downward sloping e. Keynesian economics; upward sloping
If the output effect from increased production is larger than the price effect, then an oligopolist would increase production
a. True b. False Indicate whether the statement is true or false