Which of the following is usually estimated to be between 4.5 and 5 percent?
a. the labor force participation rate
b. the natural rate of unemployment
c. the rate of frictional unemployment
d. the rate of seasonal unemployment
b. the natural rate of unemployment
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A monopolistically competitive firm and a perfectly competitive firm are alike because both types of firms
I. face downward sloping demand curves. II. have marginal revenue curves that lie beneath their demand curves. III. can make only zero economic profit in the long run. A) I and II B) I and III C) III only D) I only
In the text, the key question in the "economics of a business" is
A) whether the need to grow revenues is being met. B) should the firm be in the business in which it is operating. C) whether the firm faces rising labor costs. D) can the firm affect its market share.
When the prisoners follow their dominant strategy and confess, they will be worse off than if both had remained silent—hence, the "prisoners' dilemma."
a. True b. False Indicate whether the statement is true or false
In the equation of exchange, PQ represents: a. the dollar value of all final goods and services sold in a country in a given year. b. the price index times nominal GDP
c. real GDP. d. the price level times the velocity of money