An economy is at full employment when ________
A) the unemployment rate is zero
B) there is no frictional unemployment
C) the unemployment rate equals the natural unemployment rate
D) there is no structural unemployment
C
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Human capital can be increased through
A) investment in new technology. B) decreases in population. C) investment in new machinery. D) education, on-the-job training, and work experience. E) increasing the nation's production of consumption goods.
When you buy at a low price in one market then sell at a higher price in another market you are engaging in
A) arbitrage. B) price discrimination. C) odd pricing. D) an antitrust prohibited practice.
Pollution is a negative externality, but it is not appropriate to view the problem of pollution as a common-resource problem
a. True b. False Indicate whether the statement is true or false
What happens as a variable input increases while other inputs are fixed?
a. Eventually the fixed inputs will increase at a rate equal to or below the variable increases. b. Fixed costs will rise and variable costs will fall as they are spread over larger output. c. The average variable cost will remain equivalent to or below the average fixed cost. d. At some point the increase will lose its effectiveness, and additions to output will decline.