Output in the short run is determined by which of the following factors when an economy operates at full employment?
A) the labor force B) supply C) the price level D) demand
D
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Refer to Figure 7-1. Suppose the government allows imports of leather footwear into the United States. The market price falls to $24. What area represents domestic producer surplus?
A) T + U B) V + W + X + Y C) W + X + Y D) V
The natural rate of unemployment will not change following an increase in ________ unemployment
A) frictional B) cyclical C) structural D) all of the above
Which of the following countries had the highest unemployment rate for workers under 25 in 2009?
A. Italy B. France C. Great Britain D. Spain
You and two friends are going to the movies and are going to one of three movies: A, B, or C. You prefer movie A to movie B and movie B to movie C. One of your friends prefers movie B to movie C and movie C to movie A. You other friend prefers movie C to movie A and movie A to movie B. The three of you decide to use majority rule voting to decide which movie you will see. If you first have a vote between movies A and B and then between the winner of that vote and movie C, then movie ________ will win. However, if you first vote between movies A and C and then between the winner of that vote and movie B, then movie ________ will win. This is an example of the ________.
A. A; B; majority rule voting B. A; C; voting paradox C. C; B; voting paradox D. B; C; impossibility theorem