A decrease in a recessionary GDP gap will most likely be associated with a decrease in
A. Structural unemployment.
B. Cyclical unemployment.
C. Frictional unemployment.
D. The price level.
Answer: B
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A fixed or rigid price level implies
A) that income is fixed. B) real GDP is greater than nominal GDP. C) nominal GDP is less than real GDP. D) real GDP equals nominal GDP.
The branch of economic theory that analyzes decisions about education and training is
a. welfare economics. b. equilibrium analysis. c. human capital theory. d. consumption theory.
Suppose that a typical basket of goods costs 400 pesos in Mexico and 25 pounds in Britain: the market exchange rate is 25 pesos per pound. Using purchasing power parity, the appropriate exchange rate for comparing the incomes of the two countries is:
A. 10 pesos per pound. B. 0.25 pesos per pound. C. 16 pesos per pound. D. 25 pesos per pound.
On May 12, 2011, the U.S. dollar was worth 0.61 British pounds. How many dollars did it take to buy 1 British pound?
A. 1.19 B. 1.61 C. 1.64 D. 2.19