When the economy switches production toward services and away from manufacturing and workers in the manufacturing industry are permanently laid off
A) frictional unemployment decreases.
B) structural unemployment increases.
C) cyclical unemployment increases.
D) frictional and cyclical unemployment increase.
B
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________ is to the random walk hypothesis as ________ is to behavioral economics
A) Sober calculation; paternal guidance B) Surprise; gratification C) Rational ignorance; studied optimization D) Unpredictability; regret
According to the law of supply, the quantity supplied is _____ related to price, other things constant.
A) inversely B) negatively C) directly D) indirectly E) never
According to Peter Theil's book Zero to One,
A. there is only one market structure-perfect competition. B. there are two market structures-oligopoly and monopoly. C. there is only one market structure-dynamic monopoly. D. there are two market structures-oligopoly and competition.
For a perfectly competitive firm at its long-run equilibrium
A) P = MR = MC = AC. B) P = MR > MC. C) accounting profit must be zero. D) there are no opportunity costs to be concerned with.