Which of the following is NOT a non-price determinant of demand?
A) the price of the good or service
B) tastes and preferences
C) expectations of future prices
D) prices of related goods and services
Answer: A
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Suppose the natural rate of unemployment is 5 percent. If the actual unemployment rate is 4 percent, then the cyclical unemployment rate is
A) -1 percent. B) 1 percent. C) 9 percent. D) 0 percent as cyclical unemployment cannot be less than zero.
The existence of international policy externalities provides an incentive for
A) strategic policy making. B) monetary autonomy. C) optimal currency areas. D) inflationary policy bias.
The type of labor agreement that requires workers to be union members prior to being considered for employment is a
A) right-to-work agreement. B) closed-shop agreement. C) union shop agreement. D) open-shop agreement.
Refer to the diagram. If labor is the only variable input, the average product of labor is at a:
A. minimum at point b.
B. maximum at point b.
C. maximum at point a.
D. maximum at point c.