A group of buyers and sellers with the potential to trade with each other is known as a(n)
a. trading bloc
b. cartel
c. market
d. industry
e. sector
C
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Refer to the scenario above. The hypothesis of the model is that:
A) college graduates will earn 80 percent more than high school graduates. B) college graduates will earn 200 percent more than high school graduates. C) college graduates will earn 107 percent more than high school graduates. D) college graduates will earn 275 percent more than high school graduates.
Suppose that the production function for the economy is: Y = AK1/4L3/4. Assume that A = 1,000, the current capital stock is $32,000 billion, and the labor force is 120 million (or 0.120 billion) workers
All else equal, if the capital stock increased by $8,000, the value of the marginal product of labor will be A) $18,021.09. B) $20,223.24. C) $21,625.30. D) $60,070.29.
Starting from long-run equilibrium, a large tax cut will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. expansionary; higher; higher B. expansionary; higher; potential C. recessionary; higher; potential D. recessionary; lower; lower
The target rate of unemployment is defined as the:
A. lowest sustainable rate of unemployment achievable under existing conditions. B. lowest rate of unemployment that will eliminate the business cycle. C. highest sustainable rate of unemployment achievable under existing conditions. D. highest unemployment rate at which there is no cyclical or structural unemployment.