___________ is the ability to recognize and use resources effectively
a. Efficiency
b. Intuition
c. Helpfulness
d. Resourcefulness
D
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A sunk cost has no effect on supply because it
A) applies to all suppliers. B) can be passed on to consumers. C) cannot be avoided by not supplying. D) cannot be passed on to consumers. E) did not have to be incurred in order for the good to be supplied.
Frictional unemployment increases when
A) real GDP decreases and the unemployment rate rises. B) the number of workers who quit one job to find another increases. C) discouraged workers drop out of the work force. D) workers are replaced by machines and the unemployed workers do not have the skills to perform new jobs.
The term "open market operations" refers to the:
a. loan-making activities of commercial banks. b. effect of expansionary monetary policy on interest rates. c. operation of competitive markets in the banking industry as the result of deregulation. d. buying and selling of government securities by the Federal Reserve.
Refer to the graph shown.
If labor supply shifts from S1 to S2, the firm will:
A. raise employment from q1 to q0 to maximize profit where MRP = W. B. reduce employment from q0 to q1 to maximize profit where MRP = W. C. raise employment from q2 to q1 to maximize profit where MRP = W. D. reduce employment from q1 to q2 to maximize profit where MRP = W.