The sum of frictional and structural unemployment is thought of as the
A. cyclical rate of unemployment.
B. natural rate of unemployment.
C. normal rate of unemployment.
D. seasonal rate of unemployment.
Answer: B
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If good weather conditions result in a larger than normal crop of peaches, then the
A) equilibrium price of peaches rises, and the equilibrium quantity of peaches increases. B) equilibrium price of peaches falls, and the equilibrium quantity of peaches increases. C) demand curve for peaches shifts leftward. D) increase in the supply of peaches induces a greater demand for peaches, so that the equilibrium price rises and the equilibrium quantity increases. E) equilibrium price of peaches falls, and the equilibrium quantity of peaches decreases.
In the long run, perfectly competitive firms earn zero economic profit. Why do firms enter an industry when they know that in the long-run they will not earn any profit?
What will be an ideal response?
The Lorenz curve represents: a. the line of perfect inequality
b. the line of perfect equality. c. the nonwage income of households. d. the actual distribution of income.
Average fixed cost is found by dividing ________ by output; as output rises, average fixed cost ___________.
Fill in the blank(s) with the appropriate word(s).