By the study of "scarcity," an economist means how we best utilize our:
a. limited resources in order to promote full employment and price stability.
b. unlimited desires in order to best use our unlimited resources

A rightward shift in the supply curve of reserves held at the Fed ________

A) reduces the federal funds interest rate B) increases unemployment C) reduces the price level D) increases the tax rates

Assume that for the third quarter of 2012, actual real GDP was $176.1 billion and potential real GDP was $163.9 billion. According to Okun's law, the cyclical unemployment rate during the third quarter of 2012 was

A) -6.1%. B) -3.7%. C) 3.5%. D) 6.1%.