In 2012, real GDP in the United States was below potential GDP. This fact definitely means that
A) the unemployment rate was near 10 percent.
B) the unemployment rate was above the natural unemployment rate.
C) the economy was in an expansion.
D) cyclical unemployment had been decreasing.
E) frictional unemployment was negative.
B
Economics
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A supply restriction that restricts the amount of a good that can be imported is a(n)
A) price floor. B) price ceiling. C) black market. D) import quota.
Economics
Comparative advantage is based on the
A) concept that some countries are superior to others. B) concept of absolute advantage of producing goods in different countries. C) concept of relative opportunity cost of producing goods in different countries. D) concept that some countries are better endowed with natural resources.
Economics