If some people who were frictionally unemployed became structurally unemployed instead, the natural rate of unemployment:
a. Would increase
b. Would not change
c. Would decrease
d. Would be affected in an unpredictable manner
b
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Open-market operations have their initial effect on bank
A. lending. B. reserves. C. profits. D. revenues.
A monopoly definitely incurs an economic loss if
A) it produces where its marginal revenue equals its marginal cost. B) its average total cost is greater than price. C) it cannot perfectly price discriminate. D) it price discriminates. E) The statement errs because a monopoly cannot incur an economic loss.
The figure above shows the costs associated with producing paper. When paper is produced, there is some pollution runoff into a lake. Without regulation, ________ tons of paper will be produced and the price will be ________ per ton
A) 3; $150 B) 4; $100 C) 4; $200 D) None of the above answers is correct.
An economic model is
a. a plastic scaled version of the economy b. a complete depiction of reality c. an abstraction of reality d. applicable to consumer behavior but not to producer behavior e. not an accepted tool of the economics profession