Which of the following is an example of a good produced under monopoly?
A) CDs
B) Books
C) Aerated drinks
D) Patented software
D
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Microeconomics helps explain economic fluctuations, why the economy shrinks and expands and why some of the economy's resources are idle
Indicate whether the statement is true or false
Based on the information in the above table, what is the unemployment rate?
What will be an ideal response?
Suppose the country of Tiny Town decided to open its borders to free trade. As a result, a number of its workers lost their jobs to international competition and can't find new jobs because their skills don't match what is required for job openings
The workers who lost their jobs and searched for new ones are best be considered part of A) frictional unemployment. B) structural unemployment C) cyclical unemployment. D) discouraged workers.
Refer to Table 19-23. Suppose that a very simple economy produces three goods: pizzas, haircuts, and backpacks. Suppose the quantities produced and their corresponding prices for 2011 and 2016 are shown in the table above
Use the information to compute real GDP in the year 2011 and 2016. Assume that 2011 is the base year. Is output higher in 2016 or 2011? Why?