Firms would not exist if
A) contracts were incomplete.
B) residual income equaled normal profit.
C) income was spontaneously earned.
D) contracts were complete.
D
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The Illyrian economy has 1000 people in the labor force. 100 people don't have jobs but are searching for work, another 100 people would like to have jobs but quit searching because of poor job prospects, and another 100 people don't work and don't
want to work. What's the rate of unemployment? A) 10 percent B) 20 percent C) 30 percent D) 100 percent E) None of the above.
The Maastricht Treaty eliminated passport controls at borders with the European Union
Indicate whether the statement is true or false
Recall this discussion from the text. The supply of 20-year-old French wine has a price elasticity of supply of
a. 1.00 b. -1.0 c. 0 d. infinity e. 20
Explain what types of policies a central bank can implement to raise the interest rate
What will be an ideal response?