The unemployment rate of full-employment is also called the
A. cyclical rate of unemployment.
B. natural rate of unemployment.
C. frictional rate of unemployment.
D. potential rate of unemployment.
Answer: B
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Let's assume Ben can produce 3 units of a material good (M) or 3 units of a spiritual good (S) in a day, while Cal can produce 1 M or 2 Ss in a day. Which statement below is true?
A) Ben can produce spiritual goods more efficiently than Cal. B) Cal can produce material goods more efficiently than Ben. C) Ben can produce material goods more efficiently than Cal. D) Ben can produce both material and spiritual goods more efficiently than Cal.
Milton Friedman first proposed the hypothesis that individuals consume a fraction of their expected, or ________, income
A) disposable B) net C) attainable D) permanent E) life-cycle
The terms of futures contracts traded in the United States are
A) standardized as to amount or value, but not as to settlement dates. B) standardized as to settlement dates, but not as to amount or value. C) not standardized, but are determined entirely on the basis of the agreement entered into by the buyer and seller. D) standardized as to amount or value and as to settlement dates.
Which of the following statements does not follow from the median voter model?
a. Party platforms tend to converge to the median. b. The farther a candidate is away from the median voter, the more support she will have. c. Third parties generally cannot win elections. d. Political candidates tend to be quite similar to one another.