If the economy is operating at the natural rate of unemployment, which of the following is essentially eliminated?
a. frictional unemployment
b. structural unemployment
c. cyclical unemployment
d. all of the above
c
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If all consumers satisfy economists' assumptions regarding utility, then
a. they will each choose a consumption bundle that is inside the budget line b. everyone will choose the same consumption bundle c. everyone will have the same budget line d. all consumers will react in the same way to a price change e. each person will choose a consumption bundle on his or her budget line
The value of the marginal product is
a. total revenue minus total cost. b. the change in total output divided by the change in an input. c. the marginal product of an input times the price of the output. d. total output divided by total inputs.
One reason unions have declined as a percent of the workforce is that workers have shifted from __________ to __________ industries, which are harder to organize.
A. manufacturing; service B. service; manufacturing C. financial; manufacturing D. None of these choices are correct.
Having the single goal of price stability would make the Fed more subject to political pressure
Indicate whether the statement is true or false