If the natural unemployment rate is 5.5 percent, then the economy is in a recessionary gap when the actual unemployment rate is
A) greater than 5.5 percent.
B) between 0 and 5.5 percent.
C) 0 percent.
D) 5.5 percent.
A
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If GDP included the value of leisure time, the value of U.S. GDP would most likely increase
Indicate whether the statement is true or false
Network affects can be present when the
A) internet was initially open to everyone. B) costs of production are low relative to the cost of distribution. C) cost of production are low relative to the costs of rent-seeking. D) costs of distribution are low relative to the costs of production.
When the price level falls, people want to
a. hold more money and the quantity of aggregate goods and services demanded increases. b. hold more money and the quantity of aggregate goods and services demanded decreases. c. hold less money and the quantity of aggregate goods and services demanded increases. d. hold less money and the quantity of aggregate goods and services demanded decreases.
The first systematic attempt to explain the determinants of the price level and national levels of income, employment, consumption and real Gross Domestic Product (GDP) was made by ________ economists.
A. Keynesian B. classical C. monetarist D. supply-side