According to the text, one of the most critical issues in any business is
a. hiring and firing individuals
b. customer service
c. balancing a budget
d. managing money
e. all of these
d. managing money
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The unemployment rate at full employment is
A) the natural unemployment rate. B) equal the amount of unemployment caused by job search. C) zero. D) equal to the rationed rate of unemployment. E) undefined because the economy is never at full employment.
The figure above shows the market for cotton in Georgestan. The government regulates the market with a production quota set at 8 million pounds per year
With the quota in place, the amount of cotton produced in Georgestan is ________ because the marginal social cost of a pound of cotton is ________ the marginal social benefit of a pound of cotton. A) inefficient; less than B) inefficient; greater than C) efficient; less than D) efficient; equal to
If penalties for trading illegal drugs are instituted on both buyers and sellers, the
A) quantity might increase or decrease but the price will rise. B) price might rise or fall, but the quantity will decrease. C) price and the quantity will both decrease. D) price and the quantity will both increase.
Expansionary fiscal policy will
A) shift the aggregate demand curve to the left. B) shift the aggregate demand curve to the right. C) shift the short-run aggregate supply curve to the left. D) not shift the aggregate demand curve.