In the data, which of the following is most volatile?
A) real GDP
B) consumption of durables
C) consumption of nondurables
D) consumption of services
B
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In a natural monopoly, a firm has ______ over the relevant range of output with declining average total costs.
a. pure competition b. economies of scale c. illegal barriers d. twenty-year patents
Those that work part-time and do not desire full-time employment are referred to as
A. Employed. B. The phantom unemployed. C. Discouraged workers. D. Underemployed.
Most of the migration in the world involves people who are moving from countries with relatively ____ GDP per capita to countries with relatively _____ GDP per capita.
a. high; low b. low; low c. low; high d. high; high
The position of the long-run Phillips curve depends on
a. the inflation rate and the natural rate of unemployment. b. the inflation rate but not the natural rate of unemployment. c. the natural rate of unemployment, but not the inflation rate. d. neither the natural rate of unemployment nor the inflation rate.