According to the Congressional Budget Office, from the 1970s to the 2000s, the natural rate of unemployment in the United States:
A. remained relatively stable.
B. increased.
C. fell.
D. fell to zero, and has since become negative.
Answer: C
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Which of the following influences people's buying plans and does not shift the demand curve?
A) the price of the good B) the prices of related goods C) income D) preferences
An analysis of production possibilities curves indicates that the reason why underdeveloped nations have difficulties increasing their economic growth rates is because:
A. low population growth rates mean fewer workers to produce food and other necessities. B. their production possibilities curves shift in when resources are increased. C. the opportunity cost of shifting resources from consumption goods to capital goods is relatively low. D. they must cut back their already meager consumption levels to increase capital production.
Producer surplus is:
A. the difference between the highest market price consumers are willing to pay for a product and the minimum amount producers are willing to accept for that product. B. the difference between the market price consumers are willing to pay for a product and the actual price they pay. C. the price a producer receives for a product minus the marginal cost of production. D. the economic profit earned from the sale of a good, minus its marginal cost of production.
If the quantity supplied of euro were greater than the quantity demanded, then the price of the
A. euro would rise. B. euro would fall. C. dollar would fall. D. euro would be in equilibrium.