Compared to the perfectly competitive firm, the monopolist's input demand curve is
A) more elastic.
B) more inelastic.
C) due to a constant per-unit price of the product.
D) marginal factor cost.
B
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When real GDP is less than potential GDP, there is ________ which leads the unemployment rate to ________
A) a recessionary gap; rise B) a recessionary gap; decline C) an inflationary gap; rise D) an inflationary gap; remain at the natural level E) a recessionary gap; remain at the natural level
Like the two world wars, the Korean War (1950–53) produced shortages of resources, labor and output due to large-scale foreign military deployments and demands for the production of war-related goods and services
Indicate whether the statement is true or false
One difference between moral hazard and adverse selection is
a. Moral hazard has to do with unobservable characteristics of individuals b. Adverse selection has to do with unobservable actions of individuals c. Adverse selection is when individuals change their behaviors because of a contract d. Adverse selection is when you choose the wrong answer on a test
Rhonda sells a house she has owned for 15 years and starts living in a rented apartment. To make it more marketable, she buys carpeting that she has professionally installed and buys wallpaper that her daughter hangs. Which items would be included in this year's gross domestic product (GDP)?
a. The sale price of the house b. The cost of transporting all her furnitures to the new apartment c. The opportunity cost of Rhonda's daughter's time d. The opportunity cost of Rhonda's time e. The purchase price for carpet and wallpaper, and the installation fee for the carpet