During the last half of 2012, the U.S. unemployment rate was just under 8 percent. Historical experience suggests that this is
a. above the natural rate, so real GDP growth was likely low.
b. above the natural rate, so real GDP growth was likely high.
c. below the natural rate, so real GDP growth was likely low.
d. below the natural rate, so real GDP growth was likely high.
a
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For a perfect competitor, the marginal revenue curve will be
A) horizontal. B) vertical. C) positively sloped. D) negatively sloped.
Use the following demand and supply functions: Demand:Qd = 50 - 4PSupply:Qs = 20 + 2PIf the price is $10, there is a
A. surplus of 40 units. B. shortage of 30 units. C. shortage of 10 units. D. surplus of 30 units. E. none of the above
Spending on consumer durables decreases as the interest rate increases.
Answer the following statement true (T) or false (F)
Economies of scale will lead to only one firm in the industry because
A) by increasing output a firm is able to lower the cost per unit and charge lower prices driving smaller firms out of business. B) one firm has an average cost curve, which has shifted below the average cost curves of its competitors. C) there are governmental entry restrictions. D) of government licensing.