Unemployment that is the result of recessions is called
A) frictional unemployment.
B) cyclical unemployment.
C) downtime unemployment.
D) structural unemployment.
B
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If a firm offers a senior citizen discount,
A) the firm expects the average senior citizen to have a lower price elasticity of demand. B) the firm expects the average senior citizen to have a higher price elasticity of demand. C) senior citizens may be offended. D) it may be prosecuted for discrimination.
A contract that makes a manager's salary dependent on total profit would be a type of incentive-compatible contract.
Answer the following statement true (T) or false (F)
Which of the following examples shows unit elastic demand?
a. When the price of parakeets increases 10 percent, their sales decrease 6 percent. b. When the price of gold fish increases 10 percent, their sales remain the same. c. When the price of quarter horses increases 5 percent, their sales decrease 5 percent. d. When the price of Dalmatians increases 5 percent, their sales decease 100 percent.
Common property is
A. a resource that everyone is free to use as much as they want. B. generic property as opposed to specific property. C. property owned by a group such as a club or a church. D. property that belongs to both spouses in a marriage.