An industry's typical percentage markup
a. should be expected to fluctuate wildly from year to year
b. equals 1 - (average cost per unit/average revenue per unit)
c. is determined by collusion
d. is of price concern for the macroeconomy
e. is relatively low if there is fierce competition among firms.
E
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What is the total demand for goods and services in an entire economy called?
A) supply and demand B) GDP demand C) aggregate demand D) consumer demand
Unit elastic demand means that the
A) ratio of a change in the quantity demanded to a change in the price equals 1. B) ratio of a percentage change in the quantity demanded to a percentage change in the price equals 1. C) demand curve is vertical. D) demand curve is horizontal.
The civilian labor force consists of:
a. all civilians over the age of 16. b. the employed plus the unemployed who are not in the military. c. only individuals who are actually at work during a given week. d. civilians who are not in prisons or mental hospitals.
Frictional unemployment is:
A. a mismatch between the skills workers can offer and the skills that are in demand. B. unemployment caused by workers who are changing their location, job, or career. C. the effect of wages remaining persistently above the market-clearing level. D. the most alarming cause of unemployment.