One explanation for the increase in the natural rate of unemployment in 2010 was a mismatch between the skills of the American labor force and the skills that the modern job market demanded
a. True
b. False
Indicate whether the statement is true or false
True
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To be effective, a price ceiling must be below the market equilibrium price
Indicate whether the statement is true or false
When a monopolist increases the quantity that it sells, price decreases, which, all else equal, decreases total revenue; this is called the price effect
a. True b. False Indicate whether the statement is true or false
The Fed's power to set the required reserves of commercial banks:
A. provides a certain source of interest income for commercial banks. B. allows the Fed to control the lending ability of commercial banks and, thereby, control the money supply. C. prevents banks from hoarding too much vault cash. D. prevents commercial banks from earning excess profits.
The sum of the value added at all stages of production for a product is
A. the product's final price. B. the sum of all the transactions in the production of the product. C. the product's price minus the value of intermediate goods. D. the product's price plus the value of intermediate goods.