Which of the following constitute the types of unemployment occurring at the natural rate of unemployment?
A. Frictional and cyclical unemployment.
B. Structural and frictional unemployment.
C. Cyclical and structural unemployment.
D. Frictional, structural, and cyclical unemployment.
B. Structural and frictional unemployment.
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The ABC Company manufactures routers that are used to provide high-speed Internet service. ABC sells an average of 1,000 routers each month, but to exhaust economies of scale in its industry ABC would have to sell 3,000 routers each month
Therefore A) ABC will soon go out of business. B) to reach minimum efficient scale ABC would have to sell at least 3,000 routers each month. C) ABC is experiencing diminishing returns. D) ABC is experiencing diseconomies of scale.
Which of the following best describes the inflation rate in the United Kingdom in 1975?
a. 8% b. 15% c. Almost 25% d. More than 25%
If a nation has a(n) _____ in the production of an item, it can produce _____ of the item with the same quantity of resources than can other nations.
A. absolute advantage; more B. mutual gain; the same amount C. special advantage; more D. comparative advantage; more
Nominal income per person in the United States in 1960 was about $2,800 per year, while in 1990 nominal income per person was about $21,000. This indicates that
A. people enjoyed a standard of living about 7.5 times higher in 1990 than in 1960. B. the average person would consider him/herself about 7.5 times happier in 1990 than in 1960. C. nominal income was about 7.5 times greater in 1990, but we can't tell if this increase is due to inflation, economic growth, or a combination of the two. D. a dollar in 1960 was worth less than a dollar in 1990.