A lack of understanding regarding the current state of the economy creates:
A. an information lag.
B. a direction lag.
C. a formulation lag.
D. an implementation lag.
Answer: A
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The company where Bruce worked decided to shut down one of its factories. Bruce was laid off as part of a permanent reduction in workforce in August 2008 . He was unemployed at the time of an employment survey in September 2008 but started working again in December 2008 . This is an example of _____
a. frictional unemployment b. seasonal unemployment c. cyclical unemployment d. structural unemployment
If a product such as cement or bricks is costly to ship and, therefore, markets are very localized, the national concentration ratio for that industry:
A. will be greater than 50 percent. B. may understate the degree of monopoly. C. may overstate the degree of monopoly. D. will yield an accurate impression of the degree of monopoly.
Max has allocated $100 toward meats for his barbecue. His budget line and an indifference map are shown in the above figure. What is the price of chicken?
A) $0.80/lb B) $1.25/lb C) $4/lb D) $5/lb
[MPC - MPM] equals the marginal propensity to
A. consume domestic goods. B. export. C. import. D. save.