An increase in the number of sellers of a good will, ceteris paribus, __________________ for that good
A) increase equilibrium price and quantity
B) increase equilibrium price and decrease equilibrium quantity
C) decrease equilibrium price and increase equilibrium quantity
D) decrease equilibrium price and quantity
E) increase demand
C
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Potential output is
A. the level of real GDP that exists when the economy is experiencing only frictional and cyclical unemployment. B. the level of real GDP that exists when the quantity of labor supplied is equal to the quantity of labor demanded. C. the level of real GDP that exists when the actual rate of unemployment is zero. D. the level of real GDP that exists when the economy is experiencing only cyclical and structural unemployment.
In the last half of 1999, the U.S. unemployment rate was about 4 percent. Historical experience suggests that this is
a. above the natural rate, so real GDP growth was likely low. b. above the natural rate, so real GDP growth was likely high. c. below the natural rate, so real GDP growth was likely low. d. below the natural rate, so real GDP growth was likely high.