In periods when GDP fails to grow at its normal rate, the actual unemployment rate will be ________ than the natural rate of unemployment

A normal good is one

A) with a downward sloping demand curve. B) for which demand increases when the price of a substitute rises. C) for which demand increases when income increases. D) none of the above

We collapse the consumer's current-period and future-period budget constraints into a single lifetime budget constraint by

A) assuming no default. B) substituting for savings. C) eliminating consumption smoothing. D) assuming the consumer knows the future.