A monopolist faces a horizontal demand schedule.
Answer the following statement true (T) or false (F)
False
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Unemployment insurance contributes to structural unemployment by:
A. allowing unemployed workers to search longer or less intensively for jobs. B. keeping wages above the market-clearing level. C. keeping wages below the market-clearing level. D. forcing unemployed workers to take the first job offered to them.
The self-correcting tendency of the economy means that rising inflation eventually eliminates:
A. unemployment. B. exogenous spending. C. recessionary gaps. D. expansionary gaps.
The price elasticity of demand for Red Delicious apples, a certain type of apple, is likely
A) elastic. B) inelastic. C) perfectly elastic. D) perfectly inelastic. E) unit elastic.
Stabilization policies can best be described as policies that
A. attempt to eliminate recession and/or inflation in the economy. B. use changes in government spending to promote an equitable income distribution. C. use changes in the money supply to lower income tax rates. D. eliminate poverty through the adoption of work incentives.