Inputs used by a business in the production process include
A. profit.
B. cost.
C. labor.
D. revenue.
Answer: C
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All other things being equal, the __________ the percentage of one's budget spent on a good, the __________ the price elasticity of demand.
A) greater; higher B) smaller; lower C) greater; lower D) smaller; higher E) a and b
If the economy is to the left of the potential GDP, what is the economy experiencing?
a. Frictional unemployment b. Natural unemployment c. Cyclical unemployment d. Structural unemployment
In a competitive price-searcher market, the marginal revenue of the firm will always be
a. a horizontal line. b. greater than price. c. less than price. d. equal to price.
When the current state of the economy is such that Real GDP is equal to Natural Real GDP, the economy is in ____________________ . In this situation, the (actual) unemployment rate is ___________ the natural unemployment rate, and there is ________________ in the labor market
A) long-run equilibrium; equal to; equilibrium B) inflationary; less than; a shortage C) long-run equilibrium; greater than; equilibrium D) recessionary; greater than; a surplus E) recessionary; less than; equilibrium