If the current unemployment rate is less than the natural unemployment rate, then the economy is
A) in long-run equilibrium.
B) in an inflationary gap.
C) in a recessionary gap.
D) producing at full employment.
E) b and d
B
Economics
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The goal of any monopolist is to maximize:
a. economic profits. b. normal profits. c. price. d. consumer welfare. e. output.
Economics
Refer to the graph above for a private closed economy. When output or income is $350 billion there will be:
A. Equilibrium GDP
B. Saving exceeding planned investment
C. Unplanned increases in inventories
D. Unplanned decreases in inventories
Economics