Which of the following types of unemployment is likely to exist in an economy that is at its potential output level?
What will be an ideal response?
frictional, structural, and seasonal unemployment
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In a classic paper, Columbia University economist Phillip Cagan drew the line between inflation and hyperinflation at an inflation rate of
A) 50 percent per month. B) 10 percent per month. C) 20 percent per month. D) 5 percent per month. E) 25 percent per month.
The above figure shows supply and demand curves for milk. If the government passes a $2 per gallon specific tax, the tax revenue is
A) $2 ? Q1. B) $2 ? Q2. C) $2 ? (Q2 - Q1). D) $2.
When emissions are measured on the horizontal axis, the marginal cost of abating emissions is
A) downward-sloping because emissions become more and more easy to eliminate once the firm makes the initial commitment to do so. B) downward-sloping because a high level of emissions is cheap to attain, and a low level of emissions is expensive to attain. C) upward-sloping because emissions become more and more easy to eliminate once the firm makes the initial commitment to do so. D) upward-sloping because a high level of emissions is cheap to attain, and a low level of emissions is expensive to attain. E) horizontal because the technology to remove emissions is assumed constant.
The different methods by which the sellers inform their potential buyers about the product is called:
a. knowledge transfer. b. advertising. c. product offering. d. information dissemination.