In 2015, JPMorgan Chase announced it was laying off employees. The employees who were laid off due to the business cycle would be considered
A) structurally unemployed. B) seasonally unemployed.
C) cyclically unemployed. D) frictionally unemployed.
C
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Which of the following is true for perfect competition, monopolistic competition, and monopoly?
a. The product of all firms is homogeneous. b. Firms will earn zero economic profits in the long run. c. Short-run profits are maximized when marginal cost equals marginal revenue. d. All of these.
Which of the following statements describes the difference between real and nominal GDP?
A. Real GDP includes only goods; nominal GDP includes goods and services. B. Real GDP is measured using constant base-year prices; nominal GDP is measured using current prices. C. Real GDP is equal to nominal GDP less the depreciation of the capital stock. D. Real GDP is equal to nominal GDP multiplied by the CPI.
If the federal government placed a 50 cent per pack excise tax on cigarette manufacturers, and if as a result, the price to consumers of a pack of cigarettes went up by 40 cents, the:
A. actual burden of this tax falls mostly on consumers. B. actual burden of this tax falls mostly on manufacturers. C. actual burden of the tax would be shared equally by producers and consumers. D. tax would clearly be a progressive tax.
Refer to the provided graph. The slope of the line tangent to the curve at point A is
A. 2.00 B. -2. C. -1.5. D. -0.5.