The unemployment rate will rise when
A) people get discouraged and quit looking for a job.
B) the average work week falls from 40 hours to 39 hours.
C) the duration of unemployment increases.
D) the size of the labor force increases without an increase in employment.
C
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If the economy is in a recession, the inflation rate is ________ it would be at potential GDP. Other things equal, if the government implemented an expansionary fiscal policy, the inflation rate would ________
A) greater than; remain constant B) greater than; decrease C) less than; increase D) less than; remain constant
If the PPF for guns and butter is bowed outward from the origin, this indicates constant opportunity cost between the two goods
a. True b. False Indicate whether the statement is true or false
In December of 2007, with an unemployment rate of 5.0 percent, most economists believed this was above the natural rate
a. True b. False Indicate whether the statement is true or false
Say a firm that sells its product at a price of $20 is using 20 units of labor. If the marginal product of the last unit of labor hired was 10, and the firm pays each worker a wage of $40, then this firm should
A. hire more workers. B. keep the same number of workers. C. decrease the number of workers. D. decrease its output.