Full employment implies which of the following is reduced to zero?
a. cyclical unemployment only
b. frictional unemployment only
c. frictional and structural unemployment only
d. frictional, structural, and cyclical unemployment
a
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If a higher price for wheat decreases the quantity of corn being produced, which of the following describes what has occurred?
A) The supply of wheat increased and the supply of corn decreased. B) The quantity of wheat supplied increased and quantity of corn supplied decreased. C) The supply of wheat increased and the quantity of corn supplied decreased D) The quantity of wheat supplied increased and the supply of corn decreased. E) The supply of wheat decreased and the supply of corn decreased.
John either buys a steak or chicken when dining out. John's marginal utility for steak and chicken is given in the above table
If the price of a steak is $5 and the price of a chicken is $5 and John has $25 to spend on the two goods, what combination of steak and chicken will John consume to maximize his utility? A) 1 steak and 4 chickens B) 3 steaks and 2 chickens C) 4 steaks and 3 chickens D) 5 steaks and 6 chickens
Why might a producer practice price discrimination?
A) to maximize profits B) to maximize quantity demanded C) to make its products more affordable to those with low incomes D) to maximize economic efficiency
A high school basketball player decides to bypass college and go right into the NBA, (the National Basketball Association). Describe the risk the individual is taking and a contract that might transfer the risk.
What will be an ideal response?