If the demand for computer scientists increases relative to their supply,
a. the wages of computer scientists will decline.
b. a computer science major will be more attractive to college students.
c. the employment of computer scientists will fall.
d. there will be a surplus of computer scientists.
B
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When the economy is operating at a level of real GDP that is greater than its potential level, we know that
A) the structural rate of unemployment is negative. B) the frictional unemployment is zero. C) the actual unemployment rate is greater than the natural rate of unemployment. D) the cyclical rate of unemployment is negative.
Economic theory assumes that a firm's goal is to:
A. maximize its accounting profit. B. earn an economic profit. C. earn an accounting profit. D. maximize its economic profit.
Which of the following is considered a microeconomic issue?
A. The Federal Reserve cuts key interest rates in order to stimulate lending. B. India experiences a reduction in unemployment after opening its borders to trade. C. Walmart decides to add more self-checkout machines as the cost of labor rises. D. Chinese economic growth has declined.
Liability rules are laws that require party A to compensate party B for damages imposed.
Answer the following statement true (T) or false (F)