Frictional unemployment is often the result of changes in the demand for labor among different firms
a. True
b. False
Indicate whether the statement is true or false
True
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Limited liability exists when
A) the liability of owners is limited to the value of the shares in the firm they own. B) the liability of owners is limited to the share of the debt they personally took on. C) partners specialize and each partner is responsible for the debts of his or her specialized area. D) bondholders must receive their payments before stockholders can earn any money.
Figure 34-5
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From the graph in Figure 34-5 (curves show output per unit of labor input), one can infer that
A. in terms of TVs, computers are more expensive in China than Japan. B. in terms of computers, TVs are more expensive in China than Japan. C. China should produce more TVs and fewer computers. D. All of the above are correct.
A good is classified as inferior if
a. consumers buy less when the price rises. b. consumers buy less when income rises. c. consumers buy less when the price falls. d. consumers buy more when income rises.
Suppose the economy is self-regulating and the (actual) unemployment rate is less than the natural unemployment rate. This means that the economy is producing a level of output
A) above its natural level and will eventually cut back on output. B) below its natural level and will eventually increase output. C) below its natural level but no forces exist to automatically increase output. D) above its natural level and institutional constraints will automatically be reduced so as to allow the economy to continue producing this level. E) none of the above