Which of the following correctly describes "frictional unemployment"?
A) Frictional unemployment falls in recessions and rises in expansions.
B) Frictional unemployment occurs mainly during recessions.
C) Frictional unemployment includes only people who are job losers.
D) Frictional unemployment is a normal occurrence in a growing economy.
E) Frictional unemployment includes only people who are job leavers.
D
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Which of the following is best characterized as being nonrivalrous?
A) consumption goods B) services C) physical capital D) knowledge
It is more efficient for a mini-mill to use the worldwide market for scrap steel than to integrate upstream
Indicate whether the statement is true or false
The decision about whether to change prices frequently or infrequently is an application of the:
A. cost-benefit principle. B. scarcity principle. C. principle of increasing opportunity cost. D. principle of comparative advantage.
The price-taker firm should discontinue production immediately if:
A. the market price exceeds the firm's average total costs. B. the market price is less than the firm's average variable costs. C. the market price is less than the firm's average total costs, but greater than its average variable cost. D. its accounting statement indicates that it is suffering losses.