The natural rate of unemployment never changes
a. True
b. False
B
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A country produces only cans of soup and ink pens. If the country produces on its bowed outward PPF and increases the production of cans of soup, the opportunity cost of additional
A) cans of soup is decreasing. B) ink pens is increasing. C) cans of soup is increasing. D) cans of soup remains unchanged. E) More information is needed to determine what happens to the opportunity cost.
Figure 6.3 shows the cost structure of a firm in a perfectly competitive market. The firm will stay in the market in the long run only if the market price is greater than or equal to:
A. $4.50. B. $6. C. $10. D. $15.
Labor productivity increases if
i. human capital decreases. ii. technology advances. iii. quality of education decreases. A) Both ii and iii B) Both i and ii C) i only D) ii only E) iii only
Which of the following is not a characteristic of the monopolistic competition market structure?
a. Many sellers, each small in size relative to the overall market. b. Few sellers. c. Differentiated product. d. Easy, low-cost entry and exit.