Unemployed U.S. residents who are, in effect, merely searching for work between jobs, are defined as
A. frictionally unemployed.
B. structurally unemployed.
C. seasonally unemployed.
D. cyclically unemployed.
Answer: A
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The substitution bias in the CPI refers to the failure of statisticians to:
A. take into account new products purchased by consumers. B. take into account improvements in goods and services. C. allow for the possibility that consumers switch from products whose prices are rising. D. allow for the possibility that consumers switch stores at which they shop.
If grazing land is used by all individuals on a free open range, they will operate until the
A. AP of the land equals the opportunity cost of the input. B. TP of the land equals the opportunity cost of the input. C. MP of the land equals the opportunity cost of the input. D. MP of the land is larger than the opportunity cost of the input.
One explanation for the Leontief paradox is that the US has an advantage and exports goods produced with
What will be an ideal response?
The main function of a platform firm is to
A. deal with the government on behalf of sellers. B. create entry barriers for an industry on behalf of existing firms. C. perform collective bargaining with sellers on behalf of buyers. D. link producers with consumers.