Suppose the natural rate of unemployment is 4 percent. If the actual unemployment is 5 percent, then the cyclical unemployment rate is
A. 9 percent.
B. -9 percent.
C. 1 percent.
D. -1 percent.
Answer: C
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Refer to the scenario above. Which of the following will happen if Mike starts charging $30 for mowing lawns that were earlier mowed by their owners?
A) Per capita income will remain unchanged B) GDP will increase. C) GDP will decrease D) Per capita income will decrease. Edwin grows potatoes on his farm. A part of the output is consumed by Edwin's family and Edwin sells the remaining in the market.
A cost that involves spending money is
A) an explicit cost. B) an implicit cost. C) an opportunity cost. D) an indirect cost.
Overuse of a common resource may be avoided by all of the following methods except
A) charging for the use of a common resource. B) government taking over ownership of all private common resources. C) setting quotas or legal limits on the quantity of the common resource consumed. D) issuing tradable permits for the use of a common resource.
An adverse supply shock causes the short-run aggregate supply curve to shift left, increasing the price level
Indicate whether the statement is true or false