If you hear a person saying "I lost my job at a call center because my employer has outsourced all customer service to India," you should conclude that this person is ________ unemployed.
A. cyclically
B. structurally
C. seasonally
D. frictionally
Answer: B
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In the long run, the Phillips curve is a ________ at ________.
Fill in the blank(s) with correct word
A customer at an auction who obtains an antique chair by outbidding several other prospective purchasers
A) may be paying more than the opportunity cost of obtaining the chair. B) pays a price other than opportunity cost. C) pays more than its real cost of his bid exceeds the original cost of the chair plus the cost of running the auction. D) pays the opportunity cost of the last disappointed bidder.
If monopolistically competitive firms earn short-run economic profits, we expect to see
A) new firms enter the industry, which shifts the demand curves of the existing firms to the left until firms earn zero economic profits. B) new firms trying to enter the industry, but unable to do so because of barriers to entry. C) existing firms altering their scale of plant to try to capture larger profits. The combined effect is to cause all firms to earn zero economic profits. D) existing firms increasing prices to try to capture larger economic profits.
Economic progress comes primarily through
a. imposition of trade barriers. b. entrepreneurial action directed by competitive markets. c. government investment in heavy industry. d. central planning.