In an increasing-cost industry, the long-run market supply curve is:
A. positively sloped.
B. negatively sloped.
C. vertical.
D. horizontal.
Answer: A
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To answer the following question, please refer to the figure below. Concentrating only at the lower right quadrant, discuss the effects of a change in U.S. expected inflation
What will be an ideal response?
A country has a population of 5 million. The labor force is 3.5 million, and the number of people not working but actively looking is 140,000. What is the unemployment rate?
a. 70% b. 140,000 c. 4% d. 2.8%
In an interview an economist states, "This problem should be of greater concern to the federal government." We can explicitly put this statement in the category of
A) microeconomics. B) macroeconomics. C) positive economics. D) normative economics.
Commitment strategies:
A. are not necessary to reach a mutually beneficial equilibrium in repeated games. B. usually fail to work. C. are always needed to reach a mutually beneficial equilibrium in single-round games. D. are not observed in reality.