The rate of unemployment when the economy is at its potential output is called the:
a. Structural rate of unemployment
b. Frictional rate of unemployment
c. Natural rate of unemployment
d. Full-employment rate of unemployment
c. Natural rate of unemployment
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In the case of a negative externality,
A) marginal external costs are greater than marginal private costs. B) marginal external costs are less than marginal private costs. C) marginal external benefits are greater than marginal private benefits. D) marginal external benefits are equal to marginal private costs. E) none of the above
An economy has two workers, Jen and Rich. Every day they work, Jen can produce 2 TVs or 10 radios, and Rich can produce 4 TVs or 12 radios. What is the opportunity cost for Rich to produce one TV?
A. 1/3 radio B. 12 radios C. 3 radios D. 1/5 radio
Money has replaced the need to barter, which is:
A. something you can directly offer, like any good or service, in exchange for some good or service you want. B. something you can use to purchase goods and services. C. a certain amount of purchasing power that it retains over time. D. a standard unit of comparison.
Exhibit 9-7 Monopolist
?
If the profit-maximizing monopoly in Exhibit 9-7 becomes a profit-maximizing perfectly competitive market, the price will go from
A. $8 to $6. B. $10 to $8. C. $10 to $6. D. $6 to $8.