Some unemployment is unavoidable because ________.
A) many people in the working-age population attend school and are unemployed
B) people are making transitions through the stages of life and businesses are making transitions
C) often people become discouraged workers
D) there is always some cyclical unemployment
E) many part-time workers would like to have full-time work
B) people are making transitions through the stages of life and businesses are making transitions
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To encourage invention and innovation, the government provides
A) patents. B) public franchises. C) government licenses. D) natural monopolies. E) easily obtained ownership barriers to entry.
Under monopoly, resources are allocated as efficiently as in perfect competition.
Answer the following statement true (T) or false (F)
For a worker, the opportunity cost of an hour of leisure
a. rises by $8 when his wage rises by $8 per hour. b. falls by $8 when his wage rises by $8 per hour. c. is the same for a celebrity talk-show host as it is for a teacher. d. is determined by factors that are unrelated to his hourly wage.
When investment demand shifts to the left, ________.
A. expansionary monetary policy will shift the aggregate supply to the right by less than before. B. expansionary monetary policy will shift aggregate demand to the right by less than before. C. expansionary monetary policy will shift aggregate demand to the left by less than before. D. expansionary monetary policy will shift the aggregate supply to the left by less than before.