Output growth is defined as the growth rate of output
A. per person in the economy.
B. per worker in the economy.
C. of the entire economy.
D. for capitalist economies.
Answer: C
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The more generous the amount of unemployment benefits, the
A) lower the opportunity cost of job search. B) shorter the time spent searching for a suitable job and the higher the opportunity cost of being unemployed. C) shorter the time spent searching until accepting a suitable job. D) higher the opportunity cost of job search. E) lower the natural unemployment rate.
Congress established the FOMC because
A) a group was needed to set reserve requirements for member banks. B) of a lack of coordination among district banks in carrying out open market operations. C) Congress was attempting to expand its influence within the Federal Reserve System. D) a group was needed to coordinate the setting of discount rates by the district banks.
Monopolistically competitive firms can earn large profits in the long run
a. True b. False Indicate whether the statement is true or false
The form of economic system in Hitler's Germany and Mussolini's Italy was called _________.
Fill in the blank(s) with the appropriate word(s).