Full employment occurs when
a. everyone has a job
b. everyone who wants a job has one
c. there is no frictional unemployment
d. there is no cyclical unemployment
e. there is no structural, frictional, and seasonal unemployment
D
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A tariff refers to a limit on the number of goods that can be imported to a country
Indicate whether the statement is true or false
The average total cost curve of a firm is U shaped.
Answer the following statement true (T) or false (F)
Which of the following best represents the effects of a decrease in the price of tomato juice, other things being equal?
a. An upward movement along the demand curve for tomato juice. b. A downward movement along the demand curve for tomato juice. c. A rightward shift in the demand curve for tomato juice. d. A leftward shift in the demand curve for tomato juice.
The amount of goods and services that a person can produce in a given time is called
a. labor input b. labor intensive c. labor output d. labor productivity