In December of 2007, with an unemployment rate of 5.0 percent, most economists believed this was above the natural rate
a. True
b. False
Indicate whether the statement is true or false
False
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Decisions about how to allocate resources are made by:
A. individuals. B. businesses. C. governments. D. Decision about resource allocation are made by all of the above
A(n) ________ in U.S. prices will cause a decrease in the demand for U.S. dollars and a(n) ________ in the (per dollar) exchange rate.
A. increase; increase B. increase; decrease C. decrease; increase D. decrease; decrease
Answer the following statements true (T) or false (F)
1. When there is allocative efficiency in a market, the buyers' maximum willingness to pay for the last unit traded is equal to the sellers' minimum acceptable price for that unit. 2. When the total consumer and producer surplus is at a maximum, the deadweight loss in the market is zero. 3. Excludability means that when someone is consuming a good, then others are excluded from using the good anymore. 4. Nonrivalry in the use or consumption of a good means that only one person is consuming the good without any rivals.
There are 100 dog kennels in Atlanta. An economist studying the pricing behavior of dog kennels tells you that she is limiting her analysis to a time period that does not allow for any new dog kennels to enter the industry or for any established dog kennels to leave the industry. The time period this economist referred to is the
A. short run. B. market period. C. long run. D. industry run.