Increases in the duration of unemployment may
A. increase the number of discouraged workers.
B. reflect a general downturn in economic activity that depresses job openings.
C. increase the unemployment rate.
D. all of these.
Answer: D
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A rent ceiling results in a shortage of apartments. As a result, there is
A) only a loss of consumer surplus for tenants. B) only a loss of producer surplus for landlords. C) a loss of both consumer and producer surplus. D) a gain of both consumer and producer surplus.
Economies of scale exist as a firm increases its size in the long run because of all of the following except
A) as a larger input buyer, the firm can purchase inputs at a lower per unit cost. B) as a firm expands its production, its profit margin per-unit of output increases. C) the firm can afford more sophisticated technology in production. D) labor and management can specialize even further in their tasks.
According to which of the following models are economic agents assumed to have perfect information?
a. The new classical model b. The classical model c. The monetarist model d. The Keynesian model
In the struggle to control the power of big business which emerged between the Civil War and World War I, the nation
(a) relied heavily on the principles of government expounded by the Founding Fathers such as Thomas Jefferson. (b) slowly changed into the modern regulated economy. (c) decided ultimately that big business was here to stay and should be allowed to operate without government interference. (d) began a policy of government ownership of business in important sectors of the economy.