Assume an economy experiences, for a given period, a 5% increase in output and a 1% increase in productivity. Given this information, we know that which of the following occurred for this economy during this period?
A) The unemployment rate increased during this period.
B) The unemployment rate decreased during this period.
C) The unemployment rate did not change during this period.
D) The effects on the unemployment rate are ambiguous.
E) none of the above
B
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Product differentiation complicates the study of oligopolies because such markets may not:
a. be efficient. b. have prices equal to marginal cost. c. have free entry and exit. d. obey the law of one price.
Education generates three types of external? benefits: A. Workplace? externalities, civic? externalities, and? free-rider externalities. B. Pollution? externalities, median-voter? externalities, and? free-rider externalities. C. Pollution? externalities, civic? externalities, and crime externalities. D. Workplace? externalities, civic? externalities, and crime externalities.
Education generates three types of external benefits:
A.
Workplace externalities, civic externalities, and free-rider externalities.
B.
Pollution externalities, median-voter externalities, and free-rider externalities.
C.
Pollution externalities, civic externalities, and crime externalities.
D.
Workplace externalities, civic externalities, and crime externalities.
If the typical perfectly competitive firm is earning an economic profit in the short run, then in the long run:
a. new firms will enter. b. market supply will decrease. c. market price will increase. d. each firm will earn an economic loss.
Suppose an astronomer discovers gold on the moon. Would this gold add to the world reserves?
A) Yes, we know it exists and we could recover it. B) No, we know it exists but we can't extract the gold. C) No, there are no established property rights over the moon so they cannot add to world reserves. D) Yes, but only if the astronomer is the resident of a developed country with well-established property rights.