A period of time in which an individual is continuously unemployed is called an unemployment
A. participation period.
B. duration.
C. spell.
D. rate.
Answer: C
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Refer to Figure 4-5. Suppose that instead of a price ceiling, the government imposed a price floor of R1. What is the area representing the portion of consumer surplus transferred to producers as a result of the price floor?
A) A + B B) B C) A D) B + C
For a perfectly competitive market, long-run equilibrium is characterized by all of the following but which one?
A. P = maximum ATC. B. P = minimum ATC. C. P = MC. D. P = MR.
If the manager of a nonprofit enterprise sets prices below market clearing levels, she
A) increases the net revenue of the enterprise. B) provides herself with control over a valuable good. C) reduces her personal popularity. D) produces all of the above consequences.
Gross domestic product (GDP) is the ________ in a given time period
A) value of personal consumption expenditures, gross private domestic investment, and federal government expenditures B) sum of wage and salary compensation of employees and corporate profits C) value of all final and intermediate goods and services produced by the economy excluding those goods exported to foreign nations D) market value of final goods and services produced by the economy