With the exception of during recessions, workers in Canada are eligible for unemployment benefits for about twice as long a period of time as workers in the United States. As a result
A) the average duration of unemployment is longer in the United States than in Canada.
B) the unemployment rate in Canada is usually higher than in the United States.
C) the opportunity cost of job search in Canada is lower than in the United States.
D) frictional unemployment is higher, on average, in the United States than in Canada.
Answer: B
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Which of the following is NOT an example of transactions costs?
A) high interest rates B) lawyers' fees C) brokerage commissions D) minimum investment requirements
In a perfectly competitive market, the equilibrium price
a. is determined by all the buyers in the market but no single buyer is able to influence it b. is determined by all the sellers in the market but no single seller is able to influence it c. adjusts until the quantity supplied by all sellers is equal to the quantity demanded by all buyers d. is not influenced by the cost structure of the firms in the market e. is not influenced by the preferences of the consumers in the market
In a graph of short run cost curves, which starts rising first?
A. The average variable cost curve B. The marginal cost curve C. The average fixed cost curve D. The average total cost curve
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In Exhibit 3-7, if price happened to currently be $25 in this market, a _______ would result, causing a _______ in price.
A. shortage; increase B. shortage; decrease C. surplus; increase D. surplus; decrease