Which type of unemployment is associated with the slump in aggregate demand that accompanies a recession?
A) structural unemployment B) cyclical unemployment
C) expansionary unemployment D) frictional unemployment
B
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The key feature of monopolistic competition that distinguishes it from perfect competition is
A) many sellers. B) barriers to entry. C) interdependency. D) product differentiation.
If the average productivity of Canadian firms is rising more quickly than the average productivity of Indian firms, which of the following would you expect to see?
A) an increase in the value of the rupee relative to the dollar B) a decrease in the prices of Indian products C) a decrease in the quantity demanded of Indian products relative to Canadian products D) an increase in the quantity demanded of Indian products relative to Canadian products
The following input-requirements data are for Country A, a capital-abundant country that produces nothing but bread and wine using only capital and labor as inputs. 1 Pound of Bread1 Gallon of WineCapital Input5 units20 unitsLabor Input4 units10 units Following the opening of trade, Country A would probably
A. import both goods. B. export bread and import wine. C. export both bread and wine. D. export wine and import bread.
Market structure is determined by the
A. Price charged for the good or service produced. B. Amount of compensation given to the CEOs. C. Annual revenue, costs, and profits for an industry. D. Number and relative size of the firms in an industry.