Which of the following forms of unemployment probably imposes the greatest personal costs?
A) frictional unemployment.
B) structural unemployment.
C) cyclical unemployment.
D) voluntary unemployment.
B
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Why would an economist claim that "oil comes out of our minds"?
A) She wants to sound silly. B) She wants to tell lies. C) She wants to remind us that the recognition of useful resources is a product of our mental abilities. D) She wants to sound like a really big and important theorist and could not care less about the facts of the real world.
Legislation that offers immediate and easily recognized benefits, at the expense of costs that are observable only in the distant future, is often enacted, even when economic inefficiency results. In economics this is referred to as the
a. long-term effect. b. political-fallacy effect. c. shortsightedness effect. d. inefficiency effect.
Suppose marginal cost is constant and equal to 100 and market demand is given by Qd = 20- 1/10P. A profit-maximizing monopolist will set price equal to:
A. 150. B. 100. C. 10. D. 300.
In 2018, Pete Rich purchases a 1642 painting by Rembrandt for $20 million. He also pays a one percent commission to the auction house that sold the painting. What is the contribution of these transactions to GDP in the year 2018?
A. $0 B. $2 million C. $200,000 D. $20.2 million