Based on the data in the table above, at the short-run equilibrium
A) the unemployment rate is less than the natural unemployment rate.
B) the unemployment rate is greater than the natural unemployment rate.
C) the money wage rate will rise in the long run.
D) the economy is at full employment.
B
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When large firms in oligopoly markets cut their prices
A) we don't know for sure how rival firms will respond. B) rival firms will also cut their prices to avoid losing sales. C) rival firms will not change their prices because most of their customers have signed contracts that commit them to doing business with the same firms for the life of their contracts. D) rival firms will not cut their prices because they fear that the federal government will accuse them of collusion.
It is said that a wage increase can have two opposing effects. Which of the following captures these two effects?
a. A backward-bending labor-supply curve b. A perfectly elastic labor-supply curve c. A perfectly inelastic labor-supply curve d. A perfectly elastic labor-demand curve e. A backward-bending labor-demand curve
A neighborhood voted to develop a vacant lot into a vegetable garden. All of the neighbors worked the land and sowed the seeds. A few neighbors picked and ate the produce before the other neighbors had a chance. Which of the following could solve this example of the Tragedy of the Commons?
a. The neighborhood divides the lot into equal size plots and each family can plant and harvest only on their plot. b. The neighborhood continues to work the land and sow the seeds as a group, but sells all of the produce to willing buyers and reinvests the proceeds into the garden for the next year. c. The neighborhood decides to stop gardening on this land because there is no equitable way to allocate the produce. d. Both a and b are possible solutions to this example of the Tragedy of the Commons
YearCPI200594200699200710020081042009117Using the information in the table shown, the rate of inflation from 2008 to 2009 was:
A. 12.5 %. B. 13 %. C. 17 %. D. 11.1 %.