In the 1950s and 1960s the European unemployment rate tended to be ________ the U.S. unemployment rate, while in the 1990s the European unemployment rate tended to be ________ the U.S. unemployment rate.
A. higher than; higher than
B. lower than; lower than
C. higher than; lower than
D. lower than; higher than
Answer: D
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Recall the Application. If the decrease in price of illegal drugs is primarily due to a change in demand, the equilibrium quantity of drugs
A) will increase. B) will decrease. C) will not change. D) may or may not change.
Suppose that the initial supply of loanable funds curve is SLF1. In the figure above, an increase in the real interest rate leads to
i. a shift in the supply of loanable funds curve from SLF1 to SLF2. ii. a shift in the supply of loanable funds curve from SLF1 to SLF3. iii. a movement along the supply of loanable funds curve SLF1. iv. no change whatever. A) i and iii B) iv only C) ii only D) i only E) iii only
The Clayton Act prohibited
A) any merger if its effect was to substantially lessen competition or create a monopoly. B) all horizontal mergers. C) all vertical mergers. D) all conglomerate mergers.
An implicit cost is defined as:
A) the opportunity cost of using a resource that is not explicitly paid out by the firm. B) the difference between an input's explicit cost and its actual cost. C) the amount by which economic profit exceeds accounting profit. D) the amount by which the money spent on an input to production exceeds its opportunity cost.