A nonrenewable resource:
A. can be replenished naturally over time.
B. is used to regenerate an old piece of capital.
C. is a production input that comes from the earth.
D. All of these statements are true.
Answer: C
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When a firm with market power practices third-degree price discrimination, it charges the highest price to the group that
a. has the most elastic demand. b. has the most inelastic demand. c. purchases the highest quantity. d. purchases the lowest quantity.
When estimating GDP, changes in the level of inventory are calculated because:
a. it indicates the level of employment in the economy. b. it provides information about a firm's expectations. c. it is a good indicator of the competitiveness of the economy. d. it shows the level of business spending by firms. e. it determines the value of goods produced in a year but not sold in that year.
A welder who quits his job and moves from Houston to Buffalo to try to get a better welding job is said to be:
a. frictionally unemployed. b. underemployed c. cyclically unemployed. d. structurally unemployed.
All else equal, what is likely to happen to the unemployment rate during a recession?
a. It increases as real GDP increases. b. It decreases as real GDP remains the same. c. It increases as real GDP decreases. d. It decreases as cyclical unemployment decreases. e. It decreases as real GDP decreases.