Refer to Table 2-9. What is Thailand's opportunity cost of producing one pound of rice?
A) 60 wristwatches B) 20 wristwatches
C) 5 wristwatches D) 0.05 units of a wristwatch
D
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To be considered officially unemployed, a person must be at least 16 years old
A) and be a discouraged worker. B) and not working. C) and not in school and not working. D) and not working but is actively seeking employment.
Along the short-run Phillips curve SRPC0 the natural unemployment rate is
A) 7 percent. B) 3 percent. C) 6 percent. D) an amount that can be determined from the figure, but none of the above answers is correct. E) an amount that cannot be determined from the figure. The figure above shows some Phillips curves for an economy.
Over the past half-century, government transfer payments have increased. As a result ________
A) interest payments on government debt have declined B) government expenditures have become a larger portion of GDP C) the volatility of investment expenditures has declined D) net exports have been positive in most years E) none of the above
The long-run supply curve in a competitive market is upward-sloping
Indicate whether the statement is true or false