Answer the following statements true (T) or false (F)
1) The production of durable goods is more stable than the production of nondurables over the
business cycle.
2) The business cycle is so named because upswings and downswings in business activity are
predictably equal in terms of duration and intensity.
3) People who work part time, but desire to work full time, are considered to be officially
unemployed.
4) The natural rate of unemployment in the United States today is about 5 to 6 percent.
5) An annual rate of inflation of 7 percent will double the price level in about 15 years.
1) F
2) F
3) F
4) T
5) F
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The collapse of communism in eastern Europe after 1989 created a major shift in the world and led to what is known as the
a. global war on terror. b. free market society. c. rise in multipolarity. d. third wave of democratization.
The short-run Phillips curve is a curve that shows the relationship, other things being constant, between ________ and ________
A) the inflation rate; the nominal interest rate B) the inflation rate; the expected inflation rate C) the unemployment rate; real GDP D) potential GDP; the natural unemployment rate E) the inflation rate; the unemployment rate