The natural rate of unemployment (i) is the economy's desirable level of unemployment. (ii) arises from a single problem that has a single solution. (iii) is the amount of unemployment that does not go away on its own
a. (i) and (ii) only
b. (iii) only
c. (i), (ii), and (iii)
d. None of the above is correct.
b
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Suppose Q = KaLb, if a + b > 1 the isoquants will be
a. upward sloping. b. progressively closer together at higher quantities. c. progressively further apart at higher quantities. d. equally spaced.
Assume that excessive lobbying by tea cultivators led to the announcement of a price floor higher than the equilibrium price of tea. This legislation is likely to result in a shortage of tea leaves in the market
Indicate whether the statement is true or false
As the U.S. dollar appreciates and the Japanese yen depreciates,
A) U.S.-produced goods become more expensive for the Japanese and Japanese-produced goods become cheaper for Americans. B) U.S.-produced goods become cheaper for the Japanese and Japanese-produced goods become more expensive for Americans. C) U.S.-produced goods become cheaper for both the Japanese and Americans. D) Japanese-produced goods become more expensive for both the Japanese and Americans. E) none of the above
A firm with explicit costs of $3,000,000, no implicit costs, and total revenue of $3,000,000 would have
A. zero economic profit. B. zero accounting profit. C. accounting profits equal to economic profits, in this case both zero. D. All of the choices are true of this firm.