We may note that unemployment:
A. exists at any time during the business cycle.
B. only occurs during times of recession.
C. is highest during times of economic booms.
D. tends to increase during times of economic recovery.
A. exists at any time during the business cycle.
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The long-run aggregate supply (LAS) curve
A) has a positive slope. B) has a negative slope. C) is vertical. D) is horizontal.
An example of a monopoly based on control of a key resource is
A) Microsoft's Windows operating system. B) Major League Baseball. C) NASA. D) the U.S. Food and Drug Administration.
An example of permanent insurance is ________ insurance, and an example of temporary insurance is ________ insurance
A) term; variable life B) whole life; variable life C) whole life; term D) term; whole life
Which of the following explains most clearly why business owners have a strong incentive to strive for operational efficiency?
a. They recognize that operational efficiency promotes the public interest. b. As residual claimants, owners will receive a higher income from increased efficiency. c. The owners will be able to keep production costs low by providing free managerial services to the firm. d. The owners will be able to gain by paying employees below market wages, which will improve the overall efficiency of the economy.