For the recessions in the United States since the 1950s,
A) unemployment falls on average by 2 percentage points during the 12 months after a recession begins.
B) unemployment rises on average about 5 percentage points during the 12 months after a recession begins.
C) cyclical unemployment has been non-existent.
D) unemployment rises on average by about 1.2 percentage points during the 12 months after a recession begins.
D
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If an economy with extractive institutions allows for political creative destruction:
A) poverty in the economy is likely to increase. B) the growth rate of the economy is likely to decrease. C) new leaders are likely to replace old leaders. D) innovation in the economy is likely to decrease.
Answer the following statements true (T) or false (F)
1) In peak-load pricing, the capacity decision is made in the short run. 2) In peak-load pricing, the capacity decision is only based on conditions during the peak period. 3) Off-peak demand influences the capacity decision in peak-load pricing. 4) The capacity decision in peak-load pricing is found by setting the peak marginal revenue equal to the long-run marginal cost. 5) In peak-load pricing, the short-run marginal cost is equal to the marginal cost of providing capacity.
For several years, a company with a patent can enjoy ______.
a. sharing technology openly b. freedom from regulation c. fair competition d. a monopoly
An increase in the price of oil will cause which of the following in the medium run?
A) no change in the level of output B) no change in the price level C) an increase in the unemployment rate D) a reduction in the interest rate E) none of the above