Structural unemployment usually lasts longer than frictional unemployment
Indicate whether the statement is true or false
TRUE
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In the model of perfect competition,
A) all firms earn zero economic profit in the long run. B) all firms use the lowest-cost technologies. C) all firms take the prevailing market price as given. D) all participants fully exhaust any potential gains from trade. E) all of the above occur.
To be certain that exchange between people is mutually beneficial, we generally assume
A) not all people are free to enter the market at will, but once in they are free to make any offer to trade. B) all people have complete information about each other's preferences. C) there are no transaction costs. D) both B and C E) both A and B
Macroeconomics is the branch of economics that focuses on:
a. broad issues such as growth, unemployment, inflation, and trade balance. b. the actions of particular agents within the economy, like households, workers, and business firms. c. the means of production (resources and businesses) that are owned and operated by private individuals or groups of private individuals. d. workers or firms, and whether they are well suited within the overall production process.
The Bretton Woods exchange rate system was an example of a
A) managed float. B) pure gold standard. C) modified gold standard. D) floating exchange rate system.