Substitutes
What will be an ideal response?
Two goods for which an increase in the price of one leads to an increase in the demand for the other.
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The corporate form of business organization
a. is chosen by more firms than any other form of organization in the United States b. gives firm owners limited liability c. generates less than half of the output in the U.S. economy d. combines the limited liability of the partnership with the personal control of the sole proprietorship e. is the least complex form of business organization
Answer the following statements true (T) or false (F)
1. An increase in the number of inexperienced workers in the labor force is likely to increase the unemployment rate relative to the level of output. 2. The total labor force includes all persons in the non institutional population who are either working or seeking work. 3. Much of the unemployment associated with recessions is cyclical in nature. 4. Frictional unemployment is caused primarily by automation. 5. Underemployment includes employed workers not performing at full capacity.
International trade will:
A. create more efficiency. B. increase total surplus only if the country is a net-importer of a particular good. C. increase total surplus only if the country is a net-exporter of a particular good. D. decrease total surplus, which creates a role for government.
According to the text, a military draft is most likely to have which of the following effects on the market for fish? It will
a. increase the supply b. increase the demand c. decrease the supply d. decrease the demand e. lower the price