Some economists talk about a nonaccelerating inflation rate of unemployment (NAIRU). The term the text uses for this concept is:
A. cyclical unemployment.
B. the supernatural rate of unemployment.
C. structural unemployment.
D. the target rate of unemployment.
Answer: D
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A monopolist's profit maximizing price depends upon:
A. the elasticity of demand. B. the level of demand. C. the elasticity of supply. D. the level of supply.
Most of the disagreement among economists involves normative debates
a. True b. False
Consider a theory of discrimination based on the assumption that white employees dislike associating with black employees. Such a theory would predict that
a. blacks will be paid a lower wage than whites. b. the workforce will be heavily segregated. c. white workers will have better capital than black workers. d. black unemployment will be higher than white unemployment.
Suppose that each of 10,000 perfectly competitive firm in an industry produces 1,000 units of a good and earns an economic profit when the price of the good is $10. In the long run, definitely
A) each firm increases its production above 1,000 units. B) the number of firms is more than 10,000. C) consumer surplus decreases. D) producer surplus increases. E) the number of firms is less than 10,000.