The natural rate of unemployment is always more than the actual rate of unemployment because it excludes frictional and seasonal unemployment rates
a. True
b. False
Indicate whether the statement is true or false
False
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Refer to Figure 4-1. If the market price is $3.00, what is Kendra's consumer surplus?
A) $6.50 B) $5.50 C) $2.50 D) $0.50
The breakfast cereal industry has a four-firm concentration ratio of 80 percent. Is this enough information to classify the industry as an oligopoly? Is a high concentration ratio evidence that an industry is not competitive?
What will be an ideal response?
The vertical distance between the horizontal axis and any point on a perfect competitor's demand curve measures
A) total cost. B) total revenues. C) product price, marginal revenue, and average revenue. D) supply curve for the product.
If Jason can wash a car in 20 minutes and wash a dog in 10 minutes, and Megan can wash a car in 15 minutes and wash a dog in 15 minutes, which of the following statements is true?
a. The opportunity cost of washing a car is greater for Megan. b. The opportunity cost of washing a car is one dog bath for Jason. c. Megan could wash two cars in the time it takes to wash a dog. d. Jason has both a comparative and an absolute advantage in washing a dog. e. The opportunity cost of washing a dog is greater for Jason.