The business cycle reflects both short-run fluctuations in output and long-run economic growth.
Answer: True
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The natural unemployment rate is higher if
A) many of the new jobs created require skills possessed by the available labor. B) there are fewer two-income households. C) unemployment benefits become more generous. D) efficiency wages are lower. E) there is a decrease in the working-age population.
Figure 5-14
Martha initially buys the combination of pens and pencils shown as A in Figure 5-14. After the prices of both goods change, she buys combination B. It must be true that
A. Martha prefers A to B. B. Martha prefers B to A. C. Martha is indifferent between A and B. D. Martha’s preferences between A and B cannot be determined from the information given.
Under an upward sloping supply curve for land, the economic rents to land ________ as the demand for land shifts rightward
A) decrease B) increase C) remain the same D) We do not have enough information to answer this question.
In the open-economy macroeconomic model, net exports equal the quantity of dollars demanded in the market for foreign currency exchange
a. True b. False Indicate whether the statement is true or false