A headline reads: "Economy Sinks Deeper into Recession." The type of unemployment most closely associated with this economic condition would be:
a. Search
b. Structural
c. Frictional
d. Cyclical
d. Cyclical
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When the English pound appreciated against a colonial currency, this signaled
(a) that colonists needed more colonial currency to buy an English pound. (b) that colonists needed less colonial currency to buy an English pound. (c) that colonists needed more colonial and Spanish currency to buy an English pound. (d) nothing of economic importance.
Which of the following is NOT a reason for the government to regulate a nonmonopolistic industry?
A) to allow firms to achieve the profit maximizing output B) asymmetric information C) to protect consumer interests D) market failures
When Tversky and Khaneman asked one group of people to imagine that, having previously purchased a ticket for $10, they arrive at the theater to discover they have lost their ticket and a second group to imagine that they arrive just before the performance to buy a ticket and find they have lost $10 from their wallets, they found that people in the lost ticket group were more likely to say they would ________ the performance, even though the rational choice model predicts that people in ________.
A. no longer attend; both groups should be equally likely to say they would still attend B. still attend; both groups should be equally likely to say they would still attend C. still attend; the lost $10 group should be more likely to say they would still attend D. no longer attend; the lost $10 group should be more likely to say they would no longer attend
Consumer surplus is defined as
A. the value that the consumer places on a good over the amount they pay for it. B. the money that the producer gets from a good over the amount they are willing to sell it for. C. when quantity demanded is greater than quantity supplied. D. when quantity supplied is greater than quantity demanded.