The ________ unemployment rate can be pushed below the ________ rate, but only in the short run and not without inflation.
A. frictional; structural
B. natural; cyclical
C. measured; natural
D. cyclical; frictional
Answer: C
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If a country begins allowing free international trade in a good, and as a result, it increases imports of that good
a. domestic producers gain more than domestic consumers lose. b. domestic producers lose more than domestic consumers gain. c. domestic consumers gain more than domestic producers lose. d. domestic consumers lose more than the domestic producers gain.
A firm can stay in business while taking a loss in the short run as long as it covers its
a. fixed costs. b. variable costs. c. fixed and variable costs. d. A firm can never stay in business when it experiences losses.
When production costs rise,
a. the short-run aggregate supply curve shifts to the right. b. the short-run aggregate supply curve shifts to the left. c. the aggregate demand curve shifts to the right. d. the aggregate demand curve shifts to the left.
An income effect comes about because a price reduction of one product increases a consumer's real income.
Answer the following statement true (T) or false (F)