In the above figure, a negative relationship is demonstrated in which of the graphs?
A) Figure A
B) Figure B
C) Figure C
D) Figure D
B
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The main reason economists are concerned about the problem of idle or unemployed resources is that: a. high rates of crime are related to high rates of unemployment
b. high rates of inflation are caused by idle land, labor, and capital resources. c. government benefits paid to unemployed workers put stress on the federal budget. d. unemployed resources mean less production and a lower standard of living for the nation.
Suppose that the country of Xenophobia chose to isolate itself from the rest of the world. Its ruler proclaimed that Xenophobia should become self-sufficient, so it would not engage in foreign trade. From an economic perspective, this idea would
a. make sense if Xenophobia had an absolute advantage in all goods. b. make sense if Xenophobia had no absolute advantages in any good. c. not make sense as long as Xenophobia had a comparative advantage in some good. d. not make sense as long as Xenophobia had an absolute advantage in at least half the goods that could be traded.
Which of the following is accurate?
a. Monetary policy is neutral in both the short run and the long run. b. Though monetary policy is neutral in the long run, it may have effects on real variables in the short run. c. Monetary policy has profound effects on real variables in both the short run and the long run. d. Monetary policy has profound effects on real variables in the long run, but is neutral in the short run.
Stagflation refers to a situation in which the economy is experiencing:
A. high economic growth and high inflation. B. low economic growth and high inflation. C. high economic growth and low inflation. D. low economic growth and low inflation.