The normal level of unemployment that persists in an economy in the long run is:
A. called the natural rate of unemployment.
B. also called the equilibrium rate of underemployment.
C. zero when the market is equilibrium.
D. always achieved in the real world.
A. called the natural rate of unemployment.
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In the scenario above, as a result of increased advertising, Talbot's economic profit
A) decreases by $500. B) increases by $170. C) increases by $750. D) decreases by $100.
The threat of a large fine for failure to pay income taxes is an example of
A) the excessive power of the Internal Revenue Service. B) the ineffectiveness of incentives to get people to pay their taxes. C) a negative incentive to get all people to pay taxes. D) people failing to consider all the benefits the government provides them.
The vicious circle of poverty refers to the fact that in LDCs,
a. low living standards lead to declines in population growth b. consumption goods are preferred to capital goods c. people are poor because land is scarce d. there are too many older people e. poverty leads to low investment in capital goods
In exchange for a share of the revenues earned on campus, State U has granted CheapFizz the exclusive right to sell soft drinks in the student union and in vending machines on campus. Prior to the deal, three soft drink companies sold beverages on campus; now no other soft drink company is allowed to sell its products on campus. CheapFizz now has market power due to:
A. network economies in the consumption of soda. B. its exclusive ownership of an input. C. its exclusive license to sell soda. D. economies of scale in the production of soda.