Full employment is the situation in which the economy operates at an unemployment rate equal to the sum of:
A. structural and frictional unemployment.
B. cyclical and frictional unemployment.
C. structural and cyclical unemployment.
D. structural, frictional, and cyclical unemployment.
Answer: A
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________ is the total value of final goods and services produced within the borders of a country, using current market prices to determine the value of each unit that is produced
A) Gross national product B) Real gross domestic product C) Nominal gross domestic product D) Total product
The income effect of an increase in the price of salmon
A) refers to the effect on a consumer's purchasing power which causes the consumer to buy less salmon, holding all other factors constant. B) is the change in the demand for salmon when income increases. C) refers to the relative price effect—salmon is more expensive compared to other types of fish—which causes the consumer to buy less salmon. D) is the change in the demand for other types of fish, say trout, that results from a decrease in purchasing power.
Under conditions of first-degree price discrimination
A) production will equal that which would exist under perfect competition. B) production will exceed that which would prevail under perfect competition. C) prices will be lower than under perfect competition. D) production will always be lower than under perfect competition.
The five forces model is a framework
a. For increasing buyer power in the market b. For improving competition in the industry c. For analyzing the attractiveness of an industry d. For increasing supplier power in the market