The job finding rate
A) equals 1 minus the job loss rate.
B) remains constant over the business cycle.
C) rises in recessions.
D) rises in expansions.
D
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All of the following present significant problems with measuring real GDP and the price level except
A) changes in absolute price levels. B) changes in relative price levels. C) changes in the quality of goods over time. D) the introduction of new goods.
A monopolist's demand function is P = 1624 - 4Q, and its total cost function is
TC = 22,000 + 24Q -4Q2 + 1/3 Q3, where Q is output produced and sold. a. At what level of output and sales (Q) and price (P) will total profits be maximized? b. At what level of output and sales (Q) and price (P) will total revenue be maximized? c. At what price (P) should the monopolist shut down?
The response in quantity demanded to a price increase in subway rides:
A. will be more elastic in six weeks than in six months. B. will be less elastic in six weeks than in six months. C. will be the same over that time period. D. is unpredictable without more information.
What does the Herfindahl-Hirschman Index value near 10,000 imply about the market?
a. Pure monopoly b. Perfect competition c. Monopolistic competition d. Oligopoly