Which of the following is a likely macroeconomic consequence of inflation?
A. Antitrust issues.
B. Speculation.
C. Focus on long-term planning.
D. None of the other choices.
Answer: B
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Demand curves for the services of productive resources
A) have no meaning, because people must have income in order to live. B) obey the law of demand. C) tend to be perfectly elastic in the long run because any resource can ultimately function as a substitute for any other. D) tend to be perfectly inelastic in the short run as long as production processes are determined by technology.
Holding other factors constant, the implementation of a federal job retraining program would likely
A) reduce cyclical unemployment and the natural rate of unemployment. B) reduce structural unemployment and the natural rate of unemployment. C) reduce frictional unemployment and the natural rate of unemployment. D) increase the natural rate of unemployment.
An industry consists of three firms with equal annual sales. What is the industry's HHI?
A. 10,000 B. 2,000 C. 3,300 D. There is not sufficient information to compute the industry HHI.
In perfect competition, a firm's total revenue can be calculated by ________ the product price and the quantity demanded.
A. dividing B. adding C. subtracting D. multiplying