Suppose a country has 1 billion people. 75 percent of its citizens are in the labor force, with 90 million unemployed. Full employment occurs at 2 percent. Based on this information, by what percentage has real output failed to reach its potential according to the revised Okun's Law?

If the cross-price elasticity of demand between beer and wine is 0.31, then beer and wine are

A) substitutes. B) complements. C) price-inelastic goods. D) necessities.

One of the main differences between the recent economic history of the high-performance Asian economies and most of the rest of the world is that growth in the Asian economies

A) increased in the 1960s. B) continued in the 1980s. C) slowed down in the 1960s. D) slowed down in the 1970s.