The unemployment rate that many economists believe represents full employment is
a. 0 percent.
b. 0-4 percent.
c. 4-6 percent.
d. 6-8 percent.
e. 8-10 percent
c
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USX, a steel company, reduced the number of man-hours required to produce a ton of steel from 10.8 in 1982 to 3.8 in 1990, thereby eliminating 55,000 jobs. Technically, this rise in productivity means the
A. marginal product of labor increased. B. average product of labor increased. C. average product of capital fell. D. marginal product of capital fell.
Refer to the Article Summary. If the 12 nations that are a part of the TPP do agree to these stricter pharmaceutical patent laws as a way to increase intellectual property rights, all of the following would most likely occur except
A) more patents would be issued to pharmaceutical companies. B) pharmaceutical companies would increase investment in the development of more experimental drugs. C) fewer dollars would be spent on the development of new medicines. D) pharmaceutical companies would consider expanding operations to these TPP nations.
In 1976 New Jersey voters passed a referendum to legalize gambling. Several gambling casinos opened in Atlantic City beginning in 1978 and were initially very profitable, attracting people from the Mid-Atlantic and Northeastern states
Entrepreneurs in these states were unable to compete with the Atlantic City casinos because casino gambling was illegal in their states. For these entrepreneurs in the other states, the barrier to entry they were facing was A) government imposed. B) self imposed. C) due to economies of scale. D) due to ownership of a key resource.
Data on miles of main line track in operation between 1860 and 1910 show that:
a. total mileage first increased and then decreased, causing the growth rate to eventually become negative. b. total mileage and the growth rate both increased steadily. c. total mileage increased steadily, but the growth rate tapered off. d. total mileage increased at a constant pace, resulting in a nearly constant growth rate.