The "natural" rate of unemployment is the unemployment rate toward which the economy gravitates in the
a. short run, and the natural rate is the socially optimal rate of unemployment.
b. long run, and the natural rate is the socially optimal rate of unemployment.
c. short run, and the natural rate is not necessarily the socially optimal rate of unemployment.
d. long run, and the natural rate is not necessarily the socially optimal rate of unemployment.
d
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Pick the producer who would come closest to operating in a perfectly competitive environment
A) Grim, the mortician B) Green, the barley farmer C) Gristle, the butcher D) Grippe, the doctor
Checks and credit cards are NOT considered money because they
A) are issued by banks, not the Federal Reserve. B) are not the means of payment. C) typically require an identification requirement, such as your driver's license. D) are not backed by all commercial banks.
In the above figure, the competitive unregulated equilibrium is producing and consuming ________ vaccinations per year at a price of ________
A) 30 thousand; $40 B) 30 thousand; $30 C) 30 thousand; $20 D) 50 thousand; $30
When economists say the price elasticity of supply is elastic, they mean that
a. suppliers are willing to produce much larger amounts of their good. b. suppliers are willing to produce only a small amount more of their good. c. consumers are willing to purchase much larger quantities of the good. d. the change in quantity supplied is relatively small compared to the change in price.