The natural rate of unemployment equals
A) structural plus frictional plus cyclical unemployment.
B) structural plus frictional unemployment.
C) the rate of unemployment we observe in any given period of measurement.
D) the rate of structural unemployment.
B
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True, false, or uncertain? Any firm that is not covering fixed costs should shut down in the short run
Indicate whether the statement is true or false
Why is the production possibilities frontier concave to (bowed away from) the origin?
A) Consumers have declining marginal utility, so their relative satisfaction from consuming a good changes as they move from high levels to low levels of consumption. B) The shape of the curve is due to the marginal costs of producing the two goods. At high levels of output for a particular good, the marginal cost is very high, and the firm can use the same inputs to produce a relatively large quantity of the other good. C) For a production possibilities frontier, we no longer assume firms are price takers, and the input prices and output prices change as the firms alter their mix of outputs. D) none of the above
Economics deals with choices
A) that involve the wants of individuals. B) that involve what people only need to survive. C) that people make without self-motivated interest. D) that people normally do not make.
If society were to experience an increase in its available resources its production possibilities frontier would:
A. shift out. B. shift in. C. not move. D. become convex.