When an economy experiences long-run economic growth, a larger output can be achieved
a. only if there is a reduction in the natural rate of unemployment.
b. only if the economy's actual unemployment is less than the natural rate.
c. if prices increase.
d. even though unemployment remains at its natural rate.
D
You might also like to view...
Which one of the following industries could be classified as an oligopoly?
A) Tobacco production B) Retailing C Farming D) Fast food restaurants
A specific tax in a monopoly market equal to the marginal harm of pollution
A) will increase welfare. B) will decrease welfare. C) will leave welfare unchanged. D) All of the above are possible.
Money is an imperfect store of value when
A. the rate of inflation is high. B. the unemployment rate is high. C. gold prices are falling. D. businesses are failing due to bankruptcy.
If an oligopolistic industry organizes itself as a cooperative cartel, it will produce a quantity of output ________ the competitive level and ________ the monopoly level.
a. equal to, more than b. less than, more than c. less than, equal to d. more than, less than