Which of the following groups believes that unemployment is only a temporary condition that disappears when unemployed workers, competing for jobs, drive down wage rates?
a. classical school
b. Keynesian school
c. neo-Keynesian school
d. rational expectations school
e. supply-side school
A
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Which of the following best describes average variable cost?
a. The change in total cost when one additional unit of output is produced. b. Total cost divided by the quantity of output produced. c. Total variable cost divided by the quantity of output produced. d. Total fixed cost divided by the quantity of output produced. e. Costs that do not vary as output varies.
An increase in demand and a decrease in supply cause which of the following?
a. equilibrium price change is indeterminate b. equilibrium quantity decreases c. equilibrium price falls d. equilibrium price rises e. equilibrium quantity increases
Stock prices can be described as "random walks" if there is no relationship between one day's prices and the following day's prices
a. True b. False Indicate whether the statement is true or false
Allocative inefficiency due to unregulated monopoly is characterized by the condition:
A. P = MR. B. P > MC. C. P > AVC. D. P = MC.