Unemployment in the post-World War II era (1945–50)
(a) was reduced only because of the post-war decline in the size of the civilian labor force.
(b) rose above wartime levels, but remained far below the levels of the 1930s.
(c) rose in response to the decline in civilian consumption levels.
(d) remained at the low levels achieved in World War II (1941–45).
(b)
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Once decision makers fully adjust to an increase in the general price level,
a. the actual rate of unemployment will exceed the natural rate of unemployment. b. the actual rate of unemployment will be less than the natural rate of unemployment. c. the rate of output will exceed the economy's long-run capacity. d. output will return to the full-employment level.
All other things unchanged, higher saving rates contribute to higher rates of capital formation.
a. true b. false
What is the most likely response by rivals when an oligopolist cuts its price to increase its sales?
A. Raise their prices. B. Cut their prices. C. Ignore the change. D. Reduce their costs.
You are the manager of a firm that sells its product in a competitive market with market (inverse) demand given by P = 50 ? 0.5Q. The market equilibrium price is $50. Your firm's cost function is C = 40 + 5Q2. Your firm's marginal revenue is:
A. MR(Q) = 50 ? Q. B. $50. C. MR(Q) = 10Q. D. There is insufficient information to determine the firm's marginal revenue.