Lula Panagis, a bright new Ph.D. in economics, turned down many job offers because she hopes eventually to receive an offer from one of the top 10 universities. The type of unemployment she is experiencing is
a. frictional
b. structural
c. involuntary
d. cyclical
e. underemployment
A
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Use the following graph, which shows the market for euros, to answer the next question.
Assume the United States and European governments adopt a system of flexible exchange rates. If currency traders think the European economy will experience a recession and the U.S. economy will not, this will most likely cause ________.
A. the euro to depreciate B. the U.S. dollar to depreciate C. the supply of euros to decrease D. the euro to appreciate
If a monopolistically competitive firm is producing 50 units of output where marginal cost equals marginal revenue, total cost is $1,674 and total revenue is $2,000, its average profit is
A) $326. B) $40. C) $6.52. D) impossible to determine without additional information.
Firms will continue to increase their purchase of factor inputs as long as ________
A) the marginal product of a given factor is greater than its real factor price B) the marginal cost of a given factor is lower than its marginal product C) their total revenues are greater than their total costs D) all of the above E) none of the above
Empirical studies conclude that advertising
A) raises prices in all markets. B) can reduce the prices of many goods. C) reduces the prices on all goods. D) has no impact on prices.