If the measured unemployment rate is 8% and the natural unemployment rate is 3%, then
A. frictional unemployment is 5%.
B. structural unemployment is 11%.
C. frictional unemployment is 11%.
D. cyclical unemployment is 5%.
Answer: D
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If a perfectly competitive firm's total revenue is less than its total variable cost, the firm
A) should continue to produce and increase its demand. B) should stop production by shutting down temporarily. C) should raise its price above its average variable cost. D) should adopt new technology in order to lower its costs of production.
The evidence from banking crises in other countries indicates that
A) deposit insurance is to blame in each country. B) a government safety net for depositors need not increase moral hazard. C) regulatory forbearance never leads to problems. D) deregulation combined with poor regulatory supervision raises moral hazard incentives.
If Joel buys ten floppy disks, which are worth a total of $30 to him, and he pays $1 a disk, how much consumer surplus does he derive?
a. $24 b. $15 c. $20 d. $10 e. $2 from each floppy disk
An increase in supply could be caused by a(n)
a. increase in price b. government-imposed price ceiling c. decrease in resource prices d. decrease in consumer incomes e. unfavorable shift in tastes and preferences