Frictional unemployment will typically be a short-term problem for someone between jobs
a. True
b. False
Indicate whether the statement is true or false
True
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Refer to Figure 7-1. At the efficient equilibrium
A) economic surplus is maximized. B) economic surplus is zero. C) economic surplus is negative. D) economic surplus is minimized.
This figure displays the choices and payoffs (company profits) of two music shops-MiiTunes and The Rock Shop. MiiTunes is an established business in the area deciding whether to charge its usual high prices or to charge very low prices, in the hopes that a new business will not be able to make a profit at such low prices. The Rock Shop is trying to decide whether or not it should enter the market and compete with MiiTunes.Given the dominant strategy of MiiTunes according to the figure, we can predict that The Rock Shop:
A. Their actions cannot be predicted because they do not have a dominant strategy. B. will enter and lose $2 million. C. will enter and enjoy profits of $4 million. D. will not enter and earn $0.
Suppose the company that owns the vending machines on your campus has doubled the price of a can of soda. They then notice that they are selling approximately 15% fewer sodas. The price elasticity of demand for sodas from the campus vending machines, therefore, is:
A. elastic B. inelastic C. unit elastic D. infinite
Price indexes allow us to convert ________ measures of output into ________ measures of output, because an increase in that would mean economic growth.
A. perceived; real B. nominal; perceived C. nominal; real D. real; nominal