Most economists agree that the measured unemployment rate tends to ________ the unemployment problem
A) overstate
B) understate
C) accurately represent
D) There is little agreement among economists regarding this issue.
B
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In a market system, decisions about how to allocate resources are made: a. by central planning boards in each industry
b. by a lottery system. c. by individuals and firms interacting in markets coordinated by market prices. d. by large conglomerates working cooperatively with the government.
Which of the following is the most liquid asset?
a. a certificate of deposit b. a government bond c. a share of corporate stock d. a checking account balance e. fine jewelry
Which of the following is consistent with the classical position on wages and prices?
A) Wages and prices are inflexible in the downward direction, but not in the upward direction. B) Wages are inflexible in the downward direction, but prices are flexible. C) Wages and prices are flexible. D) Prices are inflexible in the downward direction, but wages are flexible.
Suppose a firm's total revenue is $100 when it sells 10 units, and $110 when it sells 11 units. The firm, therefore, is a(n):
A. oligopolist. B. monopolistic competitor. C. pure monopolist. D. perfect competitor.