If a market is in long-run equilibrium, which of the following conditions will be present in a competitive price-taker market but absent from a competitive price-searcher market?
a. P = ATC
b. MR = MC
c. P = MC
d. MR < P
C
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Suppose that 50 percent of the part-time workers of Metropolis are looking for full-time jobs
Given the data in Table 6.1, if these workers were counted as not employed and looking for work, the unemployment rate of Metropolis would be approximately A) 6 percent. B) 13 percent. C) 16 percent. D) 21 percent.
The aggregate supply of labor is the
A) total amount of time a person works over his or her lifetime. B) total amount of time a person spends in the labor force over his or her lifetime. C) unemployment rate. D) sum of the labor supplied by everyone in the economy.
Real business cycle and new Keynesian models disagree upon
a. whether people form their expectations rationally. b. whether changes in unemployment are voluntary or involuntary. c. whether individuals engage in optimizing behavior at all times. d. whether changes in the money supply affect output in the long-run.
State and local governments issue bonds to fund capital projects, such as schools and infrastructure
a. True b. False Indicate whether the statement is true or false