The budget deficit tends to decline during periods of recession and to increase during periods of economic recovery
a. True
b. False
Indicate whether the statement is true or false
False
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In the 1950s and 1960s the European unemployment rate tended to be ________ the U.S. unemployment rate, while in the 1990s the European unemployment rate tended to be ________ the U.S. unemployment rate.
A. higher than; higher than B. lower than; lower than C. higher than; lower than D. lower than; higher than
Refer to the figure below. In response to gradually falling inflation, this economy will eventually move from its short-run equilibrium to its long-run equilibrium. Graphically, this would be seen as
A. long-run aggregate supply shifting leftward B. Short-run aggregate supply shifting downward C. Aggregate demand shifting rightward D. Aggregate demand shifting leftward
If we eliminated our textile tariffs, the dislocated workers could easily switch to other jobs
Indicate whether the statement is true or false
If the price of labor increases, employers will hire more labor because it is more valuable
a. True b. False