Data on the unemployment rate in the U.S. since 1960 show that the unemployment rate sometimes is close to zero
a. True
b. False
Indicate whether the statement is true or false
False
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Suppose you are a famous international economic advisor. You have been asked to asses the possibilities for growth in an African country. It is a country abundant in labor and some natural resources. The capital-to-labor ratio is low
It has a free market economy. You have found that this country does not have a very strong and healthy banking system, however the political system is stable and the government does a good job protecting property rights. Assess this country's prospects for growth. Recommend two things that would enhance the country's growth.
An increase in technology that enhances labor productivity will likely result in:
A) a decrease in labor employment and an increase in the wage rate. B) an increase in labor employment and an increase in the wage rate. C) a decrease in labor employment and a decrease in the wage rate. D) an increase in labor employment and a decrease in the wage rate. E) employers using less labor and more capital while the wage effect is unknown.
A corn farmer is likely to have a _____________ price elasticity of supply than does a tree farmer due to ________________.
A. more elastic; a more flexible production process B. less elastic; a more flexible production process C. less elastic; a less flexible production process D. more elastic; a less flexible production process
A natural monopoly is characterized by the fact that its average costs increase rather than decrease when its output expands
a. True b. False Indicate whether the statement is true or false