Under what market structure do we have only one firm?
A. Monopoly
B. Perfect Competition
C. Monopolistic Competition
D. Oligopoly
Answer: A
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Explain how the Fed's response to inflation works its way through the economy to ultimately affecting real GDP and the price level
What will be an ideal response?
Explain why some economists claim that the persistence of high unemployment rates during the recovery from the recession of 2007–2009 is evidence of "hysteresis."
What will be an ideal response?
A short-run production function was estimated asQ = ?0.002L3 + 0.16L2At what level of labor usage does the maximum average product occur?
A. 20 B. 30 C. 40 D. 50 E. 60
Which of the following is true of the unemployment rate?
A) It is (number of unemployed/labor force) and the denominator is very difficult to measure B) It is (number of unemployed/labor force) and the numerator is very difficult to measure C) It is (number of unemployed*labor force) and both are very difficult to measure D) It is (number of number of employed - number of unemployed) and both are difficult to measure