Estimates by economists of the natural rate of unemployment in the U.S. economy in the early 2000s run at about
a. 3.5% to 4.5%.
b. 4.5% to 5.5%.
c. 5.5% to 6.5%.
d. 6.5% to 7.5%.
b. 4.5% to 5.5%.
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The approximate probability of a value occurring that is greater than one standard deviation from the mean is approximately (assuming a normal distribution)
a. 68.26% b. 2.28% c. 34% d. 15.87% e. none of the above
Exhibit 9-1 A monopolistic competitive firm
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If all firms in the industry are the same as the monopolistic competitive firm shown in this Exhibit 9-1, firms in the long run will:
A. leave the industry. B. earn positive economic profits. C. experience less competition because firms will exit the industry. D. experience competition from new firms that enter the industry.
With a downsloping demand curve and an upsloping supply curve for a product, an increase in consumer income will:
A. increase equilibrium price and quantity if the product is a normal good. B. decrease equilibrium price and quantity if the product is a normal good. C. have no effect on equilibrium price and quantity. D. reduce the quantity demanded but not shift the demand curve.
Refer to the graph below. Critics of supply-side economics would argue that tax rates are currently between:
A. b and d and that a decrease in tax rates will decrease tax revenues
B. 0 and b and that a decrease in tax rates will decrease tax revenues
C. 0 and b and that a decrease in tax rates will increase tax revenues
D. b and d and that a decrease in tax rates will increase tax revenues