When all workers who want jobs have them and the demand for and supply of labor are in equilibrium,
A) the unemployment rate will be zero.
B) unemployment is at its natural rate.
C) the economy will be experiencing high rates of inflation.
D) frictional unemployment will be zero.
B
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Let's assume producers in Canada can make 200 units of beef or 50 units of oranges, and U.S. producers can make 50 units of beef or 200 units of oranges per time period. Pick the true statement:
A) The opportunity cost of 1 unit of beef in Canada is 4 units of oranges. B) The opportunity cost of 1 unit of oranges in the U.S. is 4 units of beef. C) Canada is has a comparative advantage in oranges. D) The U.S. has a comparative advantage in beef. E) None of the above is true.
If saving supply decreases, the equilibrium real interest rate ________ and the equilibrium quantity of investment ________
A) rises; decreases B) falls; decreases C) falls; increases D) rises; increases E) does not change; does not change
In the short run, the lowest price that a perfectly competitive firm will accept without closing its doors is found by examining the average variable cost curve.
Answer the following statement true (T) or false (F)
The shape of the costs curves may be traced back to
A) the law of diminishing marginal utility. B) the difference between the short run and the long run. C) the law of diminishing marginal returns. D) the fact that all production occurs in the long run.