The lowest sustainable rate of unemployment that policy makers believe is achievable under existing conditions is:
A. called the optimal rate of unemployment.
B. called the target rate of unemployment.
C. called cyclical unemployment.
D. zero.
Answer: B
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A. defects; defect B. defects; cooperate C. defects; refuse to play D. cooperates; defect
All else constant, an increase in the price of a good will cause the quantity supplied to increase
Indicate whether the statement is true or false
If four large commercial contractors meet and collude on the bids they are going to submit for a large government road contract, this is an example of ________.
A) bid suppression B) output restrictions C) bid rigging D) market division
In the former Soviet Union, producers were paid for meeting output targets, not for selling products. Under those circumstances, what were the economic incentives for producers?
a. to produce good quality products so that society would benefit from the resources used b. to conserve on costs, so as to maintain efficiency in the economy c. to produce enough to meet the output target, without regard for quality or cost d. to produce those products that society desires most