The natural rate of unemployment can change over time as technological, demographic, institutional, and other conditions vary
a. True
b. False
Indicate whether the statement is true or false
True
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If the price of a soda was 15 cents in 1970, when the CPI was 50, and 50 cents in 2007 when the CPI was 172, then the real price of
A) a soda has risen 567 percent. B) a soda has risen 350 percent. C) the 1970 soda in 2007 dollars is 52 cents. D) the 2007 soda in 1970 dollars is $3.44. E) the soda was 15 cents in 1970 and 50 cents in 2007.
Bill created a new software program he is willing to sell for $300. He sells his first copy and enjoys a producer surplus of $250. What is the price paid for the software?
a. $50. b. $300. c. $550. d. $250.
Uniform standards
a. are not relevant to mobile source controls b. refer to standards that remain the same over time c. have been shown to be more costly than a two-tiered standard on motor vehicles d. achieve an allocatively efficient outcome
Applying a price of labor to the law of diminishing returns generates:
a. the law of increasing costs. b. less output as more labor is hired. c. differences in the quality of labor. d. a negatively-sloped labor supply curve. e. specialization and the division of labor.