Which of the following results from a change in the business cycle, ceteris paribus?
A. Structural unemployment.
B. Cyclical unemployment.
C. Structural deficit.
D. Frictional unemployment.
Answer: B
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Assume you are an analyst assessing national costs of mercury abatement (A). Your staff has estimated the marginal social cost of abatement to be MSC = 0.8A and the marginal abatement cost across all polluters to be MACmkt = 0.65A, where A is measured in percent, and marginal costs are in millions of dollars. Based on these estimates, what must be the equation for the government’s MCE? Interpret your equation.
What will be an ideal response?
A firm is defined as
a. a president, some vice presidents, and some employees. b. any organization that wants to make a profit. c. any accumulation of productive assets. d. any organization that turns inputs into outputs.
The force that leads to zero economic profits for monopolistically competitive firms in the long run is
a. excess capacity. b. price wars among firms. c. entry by new firms. d. excessive advertising.
Refer to the information provided in Figure 2.4 below to answer the question(s) that follow.
Figure 2.4According to Figure 2.4, Point E necessarily represents
A. only motorcycles being produced. B. overallocation of resources. C. an impossible production point. D. technological advancement.