Oliver just brought home a new kitten. We could expect Oliver's demand for:
A. dog toys, a substitute good, to decrease.
B. cat toys, a complementary good, to decrease.
C. cat toys, a complementary good, to increase.
D. dog toys, a substitute good, to increase.
Answer: C
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Use the table below to answer the next question.YearEmployedStructuralFrictionalCyclicalUnemployed20031,800501005020020042,400100100 30020052,000 15018050020062,66040 0140Determine the number of people cyclically unemployed for the year 2004.
A. 200 B. 100 C. -100 D. 0
The above figure that most accurately shows a production function is
A) Figure A. B) Figure B. C) Figure C. D) Figure D. E) Both Figure A and Figure B; Figure A for an economy with an excess of labor and Figure B for an economy with a shortage of labor.
The unemployment rate ________
A) is essentially unchanged over the business cycle B) rises in economic expansions and falls in economic contractions C) falls consistently over both economic expansions and recessions D) varies over the course of the business cycle
Whenever a nation is producing on its PPF, that nation will be using all of its available resources
a. True b. False Indicate whether the statement is true or false