In a laissez-faire economy
A. the government decides how to distribute goods and services.
B. a centralized authority establishes what will be produced.
C. consumers do not exercise choice.
D. individual people and firms pursue their own self-interest.
Answer: D
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Short-term unemployment that is associated with the process of matching workers with jobs is called ________ unemployment.
A. cyclical B. structural C. frictional D. technological
Under the GATT framework, nations negotiated for up to six years, resulting in new trade agreements. These are known as:
a. conferee sessions. b. plenary meetings. c. sesquisessions. d. rounds.
Given their skills and education, American workers in hostile regions such as Iraq earn higher incomes than American workers in the homeland. This is partly because:
A. American workers in Iraq face a higher risk of getting kidnapped and killed. B. jobs in Iraq in general require more education. C. the U.S. government restricts the number of American workers to work in Iraq. D. only a few people have the skills necessary for jobs in Iraq.
Figure 10.2 shows a monopolist's demand curve. The marginal revenue from selling the third unit is:
A. $6. B. $8. C. $10. D. $44.