Look at the following data: The frictional unemployment rate is 2 percent, the structural unemployment rate is 3.5 percent, and the actual unemployment rate is 9.5 percent. The natural unemployment rate is ____________ percent and the cyclical unemployment rate is __________ percent
A) 1.5; 4
B) 5.5; 4
C) 1.5; 6
D) 6; 15
B
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Use the information in Scenario 4.2. At what price, if any, is the demand for artichokes completely elastic?
A) 50 B) 30 C) 10 D) 0 E) none of the above
In the above figure, the market price charged by this profit-maximizing, perfectly competitive firm is
A) $5 per unit of output. B) $10 per unit of output. C) $8 per unit of output. D) $14 per unit of output.
Students in a class are assigned to groups to work on a project. A grade will be given for each project, and everyone in the group will receive that grade. For the members of a particular group, the grade is a
a. external benefit. b. public good. c. external cost. d. repeat purchase item.
An incumbent's gain from "learning by doing" is diminished if learning is rapid because
A) the incumbent gets too quick a head start B) future entrants can catch up quickly C) the incumbent will not bother to learn cost-saving techniques D) other firms would not enter anyway