The income earned by entrepreneurs is
A) profit or loss.
B) wages.
C) interest.
D) rent, wages, and interest.
E) a mixture of rent, wages, interest, and profit.
A
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The natural rate of unemployment
A. means that the economy will always operate at that rate. B. is a fixed unemployment rate that does not change over time. C. means that the economy will always realize its potential output. D. is equal to the total of frictional and structural unemployment.
Price flexibility is a key feature of ________
A) traditional Keynesian theory B) new Keynesian theory C) real business cycle theory D) traditional Keynesian, new Keynesian and real business cycle theory
Situations in which the assumption of efficient, competitive markets fails to hold are called:
A. market failures. B. inelastic-response markets. C. missing markets. D. market interventions.
Which of the following is a necessary condition for price discrimination to be profitable?
a. All consumers must have identical preferences. b. It must be easy to distinguish consumer groups with differing responses to higher prices. c. The seller must face a horizontal demand curve for its product in at least one part of the market. d. Both b and c are correct.