Policies aimed at reducing the natural rate of unemployment are referred to as
a. stabilization policies.
b. structural policies.
c. macroeconomic policies.
d. labor policies.
B
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The market demand for wheat is ________ and the demand for wheat produced by an individual farm is ________
A) perfectly elastic; perfectly inelastic B) not perfectly elastic; perfectly elastic C) not perfectly inelastic; inelastic D) elastic; unit elastic
Prohibiting price increases in situations of true scarcity could best be described as
A. interfering with the “law” of supply and demand. B. thwarting the “law” of increasing returns to scale. C. violating the “law” of increasing cost. D. interfering with the “law” of diminishing marginal utility.
If a commercial bank is short of reserves, it can obtain funds by
a. recalling loans. b. borrowing from another commercial bank. c. borrowing from its Federal Reserve Bank. d. all of these methods.
Economic profit is defined as the difference between:
a. total revenue and total explicit cost. b. total revenue and total implicit cost. c. explicit costs and implicit costs. d. total revenue and total costs, both explicit and implicit.