According to Okun's Law, if the unemployment rate is 7 percent and the natural unemployment rate is 5 percent, potential GDP is ________ than real GDP
A) 2 percent greater
B) 7 percent less
C) 2 percent less
D) 4 percent less
E) 4 percent greater
D
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Using the above figure, which of the lines in the above diagram represents a progressive tax?
A) A B) B C) C D) none of them
_____ when net taxes are reduced
a. Net exports decrease b. Government purchases remain constant c. Government purchases rise d. Consumption falls e. Consumption rises
A major difference between the Federal Reserve System and foreign central banks is that the
a. Fed is considered part of our government while central banks in other countries are not part of the government b. Fed is completely independent of government influence while central banks in other countries are under government influence c. Fed deals with less money than its foreign counterparts d. U.S. does not have a single central bank like its foreign counterparts e. purpose of the Fed is to make a profit while other countries' central banks exist to serve the public
Refer to the accompanying figure. Moving from point C to point B, the opportunity cost of 25 more salads is:
A. 5 pizzas. B. 30 pizzas. C. 10 pizzas. D. 15 pizzas.