The vertical axis in the AD-AS model shows:
A. the economy's real GDP growth rate.
B. the economy's inflation rate.
C. the economy's short-term interest rate.
D. the economy's nominal GDP growth rate.
Answer: B. the economy's inflation rate.
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Individuals who have stopped looking for work because they are convinced that they will not find a job are considered
A) discouraged workers. B) part of the labor force. C) structurally unemployed. D) underemployed.
According to this Application, economist Daron Acemoglu categorizes which of the following as authoritarian institutions?
A) democracies, monarchies, and dictatorships B) monarchies, dictatorships, and tightly controlled oligarchies C) constitutionally limited monarchies and democracies D) tightly controlled oligarchies, democracies, and constitutionally limited monarchies