Christopher is currently jobless and tells his parents that he is applying for jobs in the field of human resources. When called for an interview, he shows up wearing jeans and a T-shirt and acts in a very unprofessional manner, reducing the likelihood he will receive a job offer. Which term from below best describes Christopher’s situation?

   What is the value of the Marginal Propensity to Consume (MPC)?

Suppose the federal government engages in a policy of deregulation, which makes it easier and cheaper for many of the nation’s businesses to produce goods and services. How will the US economy be impacted by this event?

A phantom unemployed person is:

Suppose the US President and Congress agree to send economic recovery checks to American citizens: $1,400 for an individual, $2,800 for a couple and $500 for each child. How will the US economy be impacted by this event?

During a typical recession, total consumer spending on houses and cars will ________ , and total consumer spending on clothing and services will __________ .

What happens to the economy if the observed unemployment rate falls below the natural rate of unemployment for an extended period of time?

   What is the value of Real GDP for 2007, expressed in base year prices?

   What is the value of Real GDP for 2007, expressed in base year prices?

If the economy falls into a recession and consumption and investment spending decline, then state and local government spending is likely to: