Mutual interdependence applies to actions of
a. monopolistic competitors
b. oligopolists
c. perfect competitors
d. monopolists and oligopolists
e. only oligopolist firms operating in different industries
B
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Which of the following does not describe a characteristic of short-term economic fluctuations?
A. Expansions and recessions are irregular in length and severity. B. Durable-goods industries are less sensitive to short-term fluctuations than service and non-durable industries. C. Expansions and recessions are felt throughout the economy. D. The unemployment rate rises during recessions.
A firm experiences ________ when its ________ downward as output increases
A) diseconomies of scale; average total cost curve slopes B) economies of scale; long-run average cost curve slopes C) diminishing marginal returns; long-run average cost curve slopes D) diminishing marginal returns; average total cost curve shifts
Holding other factors constant, the increase in the prison population over the past 30 years in the United States has likely
A) decreased structural plus frictional unemployment. B) increased cyclical unemployment declined. C) decreased cyclical unemployment increased. D) increased the natural rate of unemployment.
An analysis of production possibilities curves indicates that the reason why underdeveloped nations have difficulties increasing their economic growth rates is because:
a. low population growth rates mean fewer workers to produce food and other necessities. b. their production possibilities curves shift in when resources are increased. c. their production possibilities curves are positively sloped, unlike those in more developed economies. d. they must cut back their already meager consumption levels to increase capital production. e. the opportunity cost of shifting resources from consumption goods to capital goods is relatively low.