If the overall unemployment rate is 8 percent, then the cyclical unemployment rate is _____ percent.
Fill in the blank(s) with the appropriate word(s).
Answer: 3
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The number of units of the good on the horizontal axis that we are willing to give up to get one more unit of the good on the vertical axis is equal to the absolute value of the slope of the indifference curve.
Answer the following statement true (T) or false (F)
A residual demand curve:
A. shows the relationship between the market price and the quantity demanded by consumers at each price. B. shows the relationship between a firm's output and the market price given the prices charged by the firm's rivals. C. shows the relationship between a firm's output and the market price given the outputs of the firm's rivals. D. shows the remaining demand for a good after a firm's rivals have sold their output.
Over the range of most of a firm’s output, average revenue is greater than price.
Answer the following statement true (T) or false (F)
Which of the following is the best example of a nonrenewable resource?
a. Forests. b. Oil. c. Clean air. d. Fish in the ocean.