The deviation of unemployment from its natural rate is called cyclical unemployment
a. True
b. False
Indicate whether the statement is true or false
True
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In the multiple-polluter case for a pollution permit system, suppose two firms, X and Y, face marginal abatement costs of MACX = 1.2AX and MACY = 0.4AY, respectively. To meet water quality standards, the government issues each firm pollution permits such that each firm must abate 20 units of pollution. If permit trading were allowed,
a. firm X would have an incentive to buy a permit as long as the price were less than $24 b. firm Y would be willing to sell a permit as long as the price were less than $8 c. at a permit price of $22, firm X would have an incentive to buy, but firm Y would have no incentive to sell d. no trading would take place because neither firm has an incentive to trade based on this model
Individuals will make choices to maximize their:
A. constraints. B. utility. C. income. D. values.
According to the BLS, the unemployment rate is the percentage of the
a. labor force that is unemployed or working part-time b. labor force that is unemployed and had expressed interest in working c. civilian labor force that is unemployed less the number of government workers d. adult population that is unemployed e. adult population that is unemployed or looking for a better job
The long-run Phillips curve is
A. upward sloping. B. horizontal. C. downward sloping. D. vertical.