A point outside a production possibilities curve reflects:
a. efficiency.
b. specialization.
c. inefficiency.
d. unemployment.
e. an impossible choice.
e
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The United States' economy would be operating at full employment with labor unemployment rate of ___ percent and a capacity utilization rate of _____ percent.
A. 5; 95 B. 5; 85 C. 10; 95 D. 10; 85
Suppose Winston's annual salary as an accountant is $60,000, and his financial assets generate $4,000 per year in interest. One day, after deciding to be his own boss, he quits his job and uses his financial assets to establish a consulting business, which he runs out of his home. To run the business, he outlays $8,000 in cash to cover all the costs involved with running the business, and earns revenues of $150,000. What are Winston's accounting profits?
A. $78,000 B. $142,000 C. $138,000 D. $150,000
Anything that prevents new firms from competing on an equal basis with existing firms in an industry is called a barrier to entry
a. True b. False
Which of the following about unemployment is true?
a. The unemployment rates of the major European economies have been lower than that of the United States during the last decade. b. Compared to the U.S., European labor markets are characterized by less extensive regulation and less generous unemployment benefits. c. High unemployment rates over lengthy time periods are indicative of structural factors that are adversely affecting the natural rate of unemployment. d. The natural rate of unemployment decreases when youthful workers expand as a proportion of the workforce.