According to the Congressional Budget Office, from 1979 to 1999, the natural rate of unemployment in the United States:
A. fell.
B. fell to zero, and has since become negative.
C. increased.
D. remained relatively stable.
Answer: A
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Two duopoly firms that sell an identical good form a cartel. They decide to collude and fix the price of their good. In this prisoners' dilemma type situation, the likely outcome is
A) both will cheat. B) neither one will cheat. C) only one will cheat. D) It is impossible to say.
One of the most serious weaknesses in the Medicare system is that
a. patients are not able to choose their own physicians. b. the definition of an episode of illness is too restrictive. c. it provides poor insurance coverage for unusually long hospital stays. d. patients must pay a deductible every time they enter the hospital. e. Part B is voluntary.
Above the shutdown point, a competitive firm's supply curve coincides with its:
a. marginal revenue curve. b. marginal cost curve. c. average variable cost curve. d. average total cost curve.
If total cost is €700 when output is zero, €1,000 when output is 10 and €1,400 when output is 20, then fixed cost is:
(a) €1000. (b) €1400. (c) €900. (d) €700.