The four economic resources are: ___________, ___________, ___________ and __________.
Fill in the blank(s) with the appropriate word(s).
land; labor; capital; entrepreneurship
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Which of the following individuals is the best example of a structurally unemployed worker?
A) a recent college graduate who has entered the labor force B) an individual who has been laid off from his job because of a business cycle recession C) an automobile worker who has lost her job because of an increase in automobile imports and does not have the skills currently needed by businesses D) an individual who quits one job in the hope of finding a better job
The demand curve of the monopoly firm is always the
A. average revenue curve. B. marginal revenue curve. C. total revenue curve. D. marginal cost curve above average variable cost.
In a perfectly competitive market, a firm that raises its price when its competitors do not
a. must have a differentiated product b. must have relatively high costs and therefore must raise price to compensate c. sells no goods d. gains market share e. will become a monopolist eventually
Assume that the expectation of declining housing prices cause households to reduce their demand for new houses and the financing that accompanies it. If the nation has highly mobile international capital markets and a flexible exchange rate system, what happens to the real risk-free interest rate and real GDP in the context of the Three-Sector-Model?
a. The real risk-free interest rate falls, and real GDP rises. b. The real risk-free interest rate and real GDP remain the same. c. The real risk-free interest rate rises, and real GDP falls. d. The real risk-free interest rate falls, and real GDP remains the same. e. The real risk-free interest rate falls, and real GDP falls.