Most economists think changes in which type of unemployment affects inflation?
A) frictional unemployment
B) cyclical unemployment
C) structural unemployment
D) natural rate of unemployment
B
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List the three major sources from which households derive their incomes
What will be an ideal response?
Given that Sandy can produce 10 economics reports or 2 sales calls and Tim can produce 2 economics reports or 1 sales call, which of the following is FALSE?
A) Sandy has a comparative advantage in sales calls. B) Tim has a comparative advantage in sales calls. C) Sandy has a comparative advantage in economics reports. D) Sandy has an absolute advantage in both economics reports and sales calls.
The expected price level is important because
a. it is the equilibrium price level in the short run b. it determines the actual price level in the short run c. it determines the actual price level in the long run d. firms and resource owners make long-term agreements based on the expected price level
Give an example, not similar to the text material, where you made a decision based on your private costs only, and should have made a different decision if all costs had been considered.
What will be an ideal response?