Full employment is estimated to occur at an unemployment rate
A. Between 10 and 12 percent.
B. Equal to 0 percent.
C. Between 1 and 2 percent.
D. Between 4 and 6 percent.
Answer: D
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First-price auctions have all the following properties EXCEPT
a. Highest bid wins b. Highest bidder pays her winning bid c. The good is assigned to the second-highest bidder d. The price is set to the highest bid
Which might be a possible reason a cable television operator want to bundle channels together in packages ("tiers")?
a. delivering many channels to the consumer is not much more costly than delivering a few. b. simplifies the consumer's choice and perhaps lowers administrative costs. c. allows the firm to extract revenue from a consumer even if it does not know exactly which channels the consumer likes the most.. d. all of the above.
Which of the following is not true of monopolistic competition?
a. There are a large number of buyers and sellers. b. The firms produce differentiated products. c. There exists free entry and exit of firms. d. Each of the firms faces a horizontal demand curve. e. Each of the firms acts as a mini monopoly in the market.
In the 1970s the international price of crude oil rocketed because:
a. the demand for crude oil fell short of its supply. b. a new source of natural gas was discovered. c. the demand for automobiles increased drastically. d. the supply of oil was restricted by the oil exporting countries. e. of the appreciation of dollar in the international market.