Dierdre just gave birth to twins and now finds herself buying diapers on a weekly basis. Therefore, we can conclude that there is a causal relationship between having newborn twins and purchasing diapers for Dierdre.
Answer the following statement true (T) or false (F)
True
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Refer to the scenario above. What is the equilibrium outcome in this case?
A) Both firms will dump their waste into the river. B) Neither of the firms will dump its waste into the river. C) Firm 1 will dump its waste into the river, while Firm 2 will not dump its waste. D) Firm 2 will dump its waste into the river, while Firm 1 will not dump its waste.
Suppose we observe that both the equilibrium price of film cameras and the equilibrium quantity of film cameras have fallen. Which of the following could be responsible for this?
A) Consumers' preferences changed in favor of digital cameras. B) technological advances in film camera production C) Workers who make cameras received a pay raise. D) The price of digital cameras increased.
Lucas and Sargent argue that the short-run trade-off between unemployment and inflation is caused by
A) workers and firms rapidly adjusting wages and prices in response to changes in expectations. B) workers and firms using all the information available to predict inflation. C) workers and firms being fooled by unexpected changes in monetary policy. D) workers and firms using Fed policy to predict inflation.
Which is a correct statement?
A. Cyclical unemployment is also called wait unemployment because this unemployment depends on the timing of the business cycle. B. Frictional unemployment is the result of frictions between labor and management over how best to perform work. C. Structural unemployment results from changes in the structure of consumer demand or technology. D. Search unemployment is the broadest unemployment category because it covers all other types of unemployment.