At the full-employment unemployment rate there is only:
a. Demand-deficient unemployment
b. Frictional and structural unemployment
c. Cyclical and frictional unemployment
d. "discouraged workers" unemployment
b. Frictional and structural unemployment
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________ choose the quantities of factors of production to hire and ________ choose the quantities of goods and services to produce
A) Markets; markets B) Firms; households C) Factor markets; goods markets D) Entrepreneurs; firms E) Firms; firms
The marginal social cost, MSC, of producing a good or service equals
A) MC + MB. B) MB + marginal external cost. C) MB + marginal external benefit. D) MC + marginal external cost.
Under a flexible exchange rate system, which of the following will be most likely to cause a depreciation in the exchange rate value of the dollar (relative to the English pound)?
a. An economic boom occurs in England, inducing English consumers to buy more American-made automobiles, trucks, and computer products. b. Real interest rates in the United States fall lower than real interest rates in England. c. Restrictive monetary policy in the United States causes inflation to be lower than in England. d. Attractive investment opportunities in the United States induce English investors to buy stock in U.S. firms.
Which of the following expressions equals GDP?
A) compensation of employees + consumption + depreciation + net investment B) compensation of employees + net interest + rental income + depreciation + corporate profits + proprietors' income + indirect taxes - subsidies C) compensation of employees + net exports + depreciation + corporate profits D) compensation of employees + gross investment + rental income + depreciation + corporate profits + indirect taxes - subsidies