If the actual rate of unemployment is above the natural rate of unemployment, then ________.
A. structural unemployment is less than zero
B. the economy is in an expansion
C. the economy is in a recession
D. frictional unemployment is less than zero
Answer: C
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A second-price auction
a. is also called an English auction b. is where the highest bidder wins and pays the amount of the next highest bid c. is where the sole remaining bidder wins and pays his winning bid d. all of the above
When demand increases in a perfectly competitive market, in the short run _______________, and in the long run _______________.
A. quantity supplied increases; supply increases B. quantity supplied increases; supply decreases C. quantity supplied decreases; supply decreases D. quantity supplied decreases; supply increases
For each watch Denmark produces, it gives up the opportunity to make 50 pounds of cheese. Germany can produce one watch for every 100 pounds of cheese it produces. Which of the following is true concerning comparative advantage between the two countries?
a. Denmark has the comparative advantage in watches and cheese. b. Germany has the comparative advantage in watches and cheese. c. Germany has the comparative advantage in watches. d. Denmark has the comparative advantage in watches. e. Denmark has the comparative advantage in cheese.
The largest component of private investment expenditure is
a. inventories b. the capital stock c. new home construction d. purchases of newly-produced plant and equipment e. government investment in private industries