Which of the following statements is not correct?
a. Novels are likely to be produced in a monopolistically competitive industry.
b. Cable television is likely to be produced in a monopoly industry.
c. Milk is likely to be produced in a monopolistically competitive industry.
d. Cigarettes are likely to be produced in an oligopoly industry.
Answer: c. Milk is likely to be produced in a monopolistically competitive industry.
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What fraction of the labor force is cyclically unemployed when structural unemployment is 2 percent, frictional unemployment is 2.5 percent, seasonal unemployment is 1 percent, and the overall unemployment rate is 8 percent?
a. 2.5 percent b. 13.5 percent c. 4.5 percent d. 5.5 percent e. 8.0 percent
The self-correcting tendency of the economy means that rising inflation eventually eliminates:
A. unemployment. B. exogenous spending. C. recessionary gaps. D. expansionary gaps.
When a firm experiences declining long-run average total costs as it produces more output, it is known as a(n)
A. natural monopoly. B. rent seeker. C. monopolistic competitor. D. oligopoly.
Monetarists think that the Fed should use ________ as a target when conducting monetary policy
A) the money supply B) the federal funds rate C) the Treasury bill rate D) the inflation rate E) the unemployment rate