Refer to the graph shown. When the market is in equilibrium, consumer surplus is equal to:
A. 1,000.
B. 500.
C. 1,500.
D. 2,000.
Answer: A
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The models of perfect competition and monopoly are the most realistic.
Answer the following statement true (T) or false (F)
If there is an increase in the price of oil, then
a. unemployment rises. If the central bank tries to counter this increase, inflation rises. b. unemployment rises. If the central bank tries to counter this increase, inflation falls. c. unemployment falls. If the central bank tries to counter this decrease, inflation falls. d. unemployment falls. If the central bank tries to counter this decrease, inflation rises.
If a sizable number of workers were switched from full-time to half-time employment, then the official unemployment rate would:
A. rise. B. fall. C. remain unchanged. D. react unpredictably.
implicit contracts are employment contracts that stipulate workers' wages for a specific period of time, usually 1 to 3 years.
Answer the following statement true (T) or false (F)