The unemployment rate ________
A) is essentially unchanged over the business cycle
B) rises in economic expansions and falls in economic contractions
C) falls consistently over both economic expansions and recessions
D) varies over the course of the business cycle
D
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Refer to Figure 1A.2. If this consumer rents zero DVDs, how many movie tickets will she purchase?
A) 0 B) 5 C) 10 D) 15
An import quota is a
A) tariff imposed on goods that are dumped in the country. B) law that prevents ecologically damaging goods from being imported into a country. C) market-imposed balancing factor that keeps prices of imports and exports in equilibrium. D) government-imposed restriction on the quantity of a specific good that can be imported.
The opportunity cost of going to college for a student receiving a scholarship
A) is the income that she would have earned if she did not go to college. B) is the risk of dropping out. C) is the food and living expenses that she has to purchase while in college. D) is zero because she does not have to pay tuition.
Which of the following is a function performed by market prices?
a. Market prices communicate information to buyers and sellers. b. Market prices coordinate the decisions of buyers and sellers. c. Market prices motivate entrepreneurs to produce those products that are currently most desired relative to their costs of production. d. All of the above are functions performed by market prices.