The number of efficient plants compatible with domestic consumption of the refrigerator industry in Sweden is 0.7. Which of the following implications is(are) correct?
A. In the absence of imports, the refrigerator industry in Sweden is monopolistic.
B. The refrigerator industry in Sweden is monopolistically competitive.
C. The refrigerator industry in Sweden is perfectly competitive.
D. None of the answers is correct.
Answer: A
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At the economy's natural rate of unemployment
A. only frictional unemployment exists. B. there is only a relatively small amount of cyclical unemployment. C. only structural unemployment exists. D. the economy is fully employed.
Suppose the quantity of money and real GDP do not change. If velocity increases, then the
A) price level will fall. B) price level will rise. C) inflation rate will fall. D) real interest rate will fall. E) real interest rate will rise.
The figure above shows Prakash's and Gail's production possibilities frontiers for writing books and magazine articles
a. What is Prakash's opportunity cost of a book? What is Gail's opportunity cost? Who has the comparative advantage in writing books? b. Who has the comparative advantage in writing magazine articles? c. According to their comparative advantages, who should write books and who should write magazine articles?
What is the NAIRU?
A) the nongovernmental agency of inflationary rate unions B) the new accrual index of real unemployment C) the nonaccelerating inflation rate of unemployment D) the natural accelerating inflation rate of unemployment