Unemployment insurance could affect unemployment by:
A. changing the incentives of those unemployed and looking for work.
B. decreasing the amount of frictional unemployment.
C. increasing the equilibrium level of unemployment.
D. All of these are true.
Answer: D
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Use the figure above to answer this question. Figure ________ shows a short-run equilibrium in good times because the firm makes a(n) ________
A) A; economic profit B) A; normal profit C) B; normal profit D) B; economic loss E) C; normal profit
We have worked a lot with homothetic production technologies. Suppose instead that a production process that uses capital and labor is quasilinear in capital and that capital is fixed in the short run. Then, assuming the firm currently profit maximizes at a given wage and rental rate, the short and long run slices of the production frontier are identical.
Answer the following statement true (T) or false (F)
When Ryan has an income of $2,000, he consumes 30 units of good A and 50 units of good B. After Ryan’s income decreases to $1,500, he consumes 23 units of good A and 55 units of good B. Which of the following statements is correct?
a. Good A is a normal good, and good B is an inferior good. b. Both goods A and B are inferior goods. c. Both goods A and B are normal goods. d. Good A is an inferior good, and good B is a normal good.
If the dollar depreciates relative to other currencies, which of the following is true?
A. It takes more foreign currency to buy a dollar. B. It takes more dollars to buy a foreign currency. C. U.S. exports will decrease. D. Foreign purchases of U.S. goods will decrease.