By the mid-nineteenth century,
(a) indentured servitude disappeared in the U.S.
(b) slavery was disappearing.
(c) more and more immigrants were drawn into the production of agricultural goods on large plantations.
(d) all of the above were true.
(a)
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GDP measured using base year prices is called ________.
A. deflated GDP B. real GDP C. constant GDP D. nominal GDP
Assume that for the fourth quarter of 2012, nominal GDP was $245 billion, potential real GDP was $260 billion, and the GDP deflator was 112. According to Okun's law, the cyclical unemployment rate during the fourth quarter of 2012 was
A) 2.9%. B) 3.1%. C) 8.0%. D) 8.4%.
It is difficult to predict the behavior of oligopolistic firms because
a. there are few real-world examples of oligopolies for economists to study. b. oligopolists make decisions independently of each other. c. firms in oligopolistic industries react to each other's behavior in many ways. d. economists have paid little attention to the topic in recent years and so have not yet applied to it the techniques of modern economic theory.
A change in the expected price level is likely to cause which of the following?
a. a shift in the short-run aggregate supply curve and long-run aggregate supply curve b. a shift in the short run aggregate supply curve c. a shift in the aggregate demand curve d. a shift in the long-run aggregate supply curve