Actual unemployment can fall below the natural rate of unemployment due to:
A. structural unemployment.
B. negative cyclical unemployment.
C. frictional unemployment.
D. All of these.
Answer: B
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A 10 percent increase in income has caused a 5 percent decrease in the quantity demanded. The income elasticity is
A) 0.5. B) -0.5. C) 2.0. D) -2.0.
Which of the following statements is false?
A) Economic costs include the opportunity costs of the resources owned by the firm. B) Accounting costs typically include only explicit costs. C) Economic profit will always be less than accounting profit if resources owned and used by the firm have any opportunity costs. D) Accounting profit is equal to total revenue minus implicit costs.
The Malthusian model performs poorly in explaining economic growth after the
A) French Revolution. B) American Revolution. C) Industrial Revolution. D) Bio-technology Revolution.
The loanable funds market is also referred to as the:
A) spot market. B) credit market. C) exchange market. D) capital market.