From 2005-2008, the unemployment rate in the United States was significantly different from the rates in France, Germany, and Italy
This is often attributed to the idea that the rate of ________ unemployment in these European countries was ________ than it was in the United States. A) frictional; lower
B) structural; higher
C) cyclical; lower
D) seasonal; higher
B
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Spreading wealth across multiple investments is called
A) diversification. B) arbitrage. C) speculation. D) asset liquification.
Points below the production possibilities frontier are inefficient because it is possible to make someone better off without making anyone else worse off.
Answer the following statement true (T) or false (F)
People (and all resources):
a. tend to specialize in those activities in which their opportunity costs are minimized. b. tend to specialize in those activities in which their opportunity costs are maximized. c. never consider opportunity costs before specializing in a particular activity. d. consider only direct costs while choosing to specialize in a particular activity. e. do not act in their own self-interest but specialize in those activities which benefit others.
In the long run, firms in a perfectly competitive market choose to produce a quantity:
A. that does not cover minimum average variable costs. B. where marginal costs are less than average variable costs. C. that earns zero economic profits. D. where ATC and AVC are at their minimum values.