Frictional unemployment is the result of
A) the economy entering a strong expansion.
B) normal labor market turnover.
C) a slowdown in the rate of economic expansion.
D) changes in the weather.
E) technological change or foreign competition.
B
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The United States charges
A) the same tariff rates on goods from all countries. B) lower tariff rates on goods from countries with most favored nation status. C) low or zero tariffs on goods from certain developing countries. D) Both B and C.
Compute the marginal revenue when the price elasticity of demand is ?0.25.
A. ?0.33P, meaning that marginal revenue is negative and one-third of the price. B. 3P, meaning marginal revenue is positive and 3 times greater than price. C. ?3P, meaning marginal revenue is negative and 3 times greater than price. D. ?0.25P, meaning that marginal revenue is negative and one-fourth of the price.
Most people would prefer to drive a luxury car that has all the options, but more people buy less expensive cars even though they could afford the luxury car because
A) car buyers are irrational. B) the total utility of less expensive cars is greater than that of luxury cars. C) the marginal utility per dollar spent on the less expensive car is higher than that spent on luxury cars. D) luxury cars cost a lot more than non-luxury cars.
If the opportunity costs of producing a good increase as more of that good is produced, the economy's production possibility frontier will be
A. a negatively sloped straight line. B. negatively sloped and "bowed inward" toward the origin. C. negatively sloped and "bowed outward" from the origin. D. a positively sloped straight line.