Cyclical unemployment happens because
A. businesses make strategic errors.
B. of the ups and downs of the business cycle.
C. of government intervention.
D. inflation rates vary.
Answer: B
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Refer to Figure 9-3. If there was no quota, how many pounds of peanuts would be imported?
A) 16 million B) 28 million C) 30 million D) 40 million
Equilibrium quantity must decrease when demand
a. increases and supply does not change, when demand does not change and supply decreases, and when both demand and supply decrease. b. increases and supply does not change, when demand does not change and supply increases, and when both demand and supply decrease. c. decreases and supply does not change, when demand does not change and supply increases, and when both demand and supply decrease. d. decreases and supply does not change, when demand does not change and supply decreases, and when both demand and supply decrease.
An industry that generates detrimental externalities will have a marginal social cost higher than the marginal private cost to the industry.
Answer the following statement true (T) or false (F)
When aggregate expenditure is given as Y = 400 + 0.5Y, short-run equilibrium output equals:
A. 400. B. 600. C. 1,200. D. 800.