A corporation is the type of business that has ________ government rules and regulations affecting it
A) no
B) the fewest
C) the most
D) only federal
Answer: C
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If cyclical unemployment is eliminated
a. GDP is at its full-employment level b. GDP is at its equilibrium level c. the loanable funds market is in equilibrium d. the aggregate supply curve shifts upward e. potential output has increased
The unemployment rate is the number of people classified as unemployed as a percentage of
A. the labor force. B. the healthy, not institutionalized population between the ages of 16 and 65. C. the population over the age of 16. D. the civilian population over the age of 16 who are actively employed.
Which of the following would not be expected to occur in a purely competitive market in long- run equilibrium?
A. Consumer and producer surplus will be minimized. B. P = MC = lowest ATC. C. The maximum willingness to pay for the last unit equals the minimum acceptable price for that unit. D. We would expect all of these to occur in the long run in a purely competitive market.
Using the concept of income and substitution effects, explain how you might react to each of the following:
(a) You currently work 20 hours a week at $10 per hour and your employer tells you he must reduce your wage to $8 per hour. (b) The price of pizza doubles and the price of hamburgers remains constant.