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Which is one of the four phases of a business cycle?
recession
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Most economists believe that the immediate determinant of the levels of domestic output and employment is...
the level of total spending
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The unemployment rate in an economy is 6 percent. The total population of the economy is 250 million, and the size of the civilian labor force is 150 million. The number of employed workers in this economy is...
138 million
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The labor force includes those who are...
employed
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The unemployment data collected by the Bureau of Labor Statistics have been criticized because...
discouraged workers are not considered part of the labor force
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A worker who has quit one job and is taking 2 weeks off before reporting to a new job is an example of...
frictional unemployment
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Insufficient total spending in the economy results in...
cyclical unemployment
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The full-employment rate of unemployment in the economy has been achieved when...
cyclical unemployment is zero
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At the natural rate of unemployment (NRU), the economy is said to...
be producing its potential output
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The burden of unemployment is least felt by...
white-collar workers
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If the consumer price index was 110 in one year and 117 in the next year, then the rate of inflation from one year to the next was...
6.4%
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The price of a good has doubled in about 14 years. The approximate annual percentage rate of increase in the price level over this period has been...
5%
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Which contributes to cost-push inflation?
an increase in per-unite production costs
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Only two resources, capital and labor, are used in an economy to produce an output of 300 million units. If the total cost of capital resources is $150 million and the total cost of labor resources is $50 million, then the per-unit production costs in this economy are...
$0.67 million
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If a person's nominal income increases by 8% while the price level increases by 10%, the persons real income...
decreases by 2%
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If the average level of nominal income in a nation is $21,000 and the price level index is 154, the average real income would be about...
$13,636
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Who would be hurt by unanticipated inflation?
those who lent money at a fixed interest rate
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With no inflation, a bank would be willing to lend a business firm $10 million at an annual interest rate of 8%. But if the rate of inflation was anticipated to be 6%, the bank would charge the firm an annual interest rate of...
14%
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What do economists think about the effects of mild demand-pull inflation on real output?
they are mixed, and could be positive or negative
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If an economy has experienced an inflation rate of over 1,000% per year for several years, this economic condition would best be described as...
hyperinflation
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