A healthy economy would be characterized by a relatively ____ unemployment rate and a relatively ____ labor force participation rate
a. low; low
b. low; high
c. high; low
d. high; high
b
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The above figure shows the reaction functions for two pizza shops in a small isolated town. Firm B producing 100 pizzas and firm A producing 50 pizzas is NOT a Cournot equilibrium because
A) Cournot duopolists agree to share the market equally. B) firm B is not on its best-response function. C) firm A is not on its best-response function. D) neither firm is on its best-response function.
The wage paid to workers measured in terms of real purchasing power is called the:
A. cost of living. B. minimum wage. C. real wage. D. nominal wage.
Why are the gains from trade often difficult to recognize?
A. There are no gains from trade. B. The gains are spread out over a wide variety of goods and consumers. C. The United States does not keep accurate records of employment. D. The gains are in services, which are difficult to measure.
Refer to Figure 3-3. The figure above shows the supply and demand curves for two markets: the market for an original Picasso painting and the market for designer jeans. Which graph most likely represents which market?
A) Graph B represents the market for an original Picasso painting and Graph A represents the market for designer jeans. B) Graph A represents both the market for an original Picasso painting and designer jeans. C) Graph A represents the market for an original Picasso painting and Graph B represents the market for designer jeans. D) Graph B represents both the market for an original Picasso painting and designer jeans.