According to classical economists, the only types of unemployment that exist in an economy are
A. structural and frictional unemployment.
B. seasonal and cyclical.
C. frictional and seasonal.
D. cyclical and frictional.
Answer: A
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If producer choice sets are convex and a production plan satisfies the condition that the (marginal) technical rate of substitution is equal (in absolute value) to the ratio of input prices, then the production plan is profit maximizing.
Answer the following statement true (T) or false (F)
Federal Reserve liabilities and capital accounts are equal to
A) Federal Reserve assets. B) gold certificates + Federal Reserve notes. C) Federal Reserve notes outstanding. D) bank reserves + government securities.
In a market of monopolistic competition, there will be
a. a kink in the demand curves for the output of the individual sellers. b. product differentiation. c. a substantial substitution effect whenever any one firm changes its price. d. All of these.
The existence of alternative uses for a resource implies it isn't scarce.
a. true b. false