A headline states: "Real GDP falls again as the economy slumps." This condition is most likely to produce what type of unemployment?
A. Natural
B. Structural
C. Cyclical
D. Frictional
Answer: C
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If a monopolist's profits were taxed away and redistributed to its consumers,
A) inefficiency would remain because output would be lower than under competitive conditions. B) inefficiency would remain, but not because output would be lower than under competitive conditions. C) efficiency would be obtained because output would be increased to the competitive level. D) efficiency would be obtained because output would be increased and profits removed.
The market demand function for ice cream is Qd = 10 - 2P and the market supply function for ice cream is Qs = 4P - 2, where both quantities are measured in millions of gallons per year. What is the consumer surplus at the competitive market equilibrium?
A. $4.5 million B. $9 million C. $13.5 million D. $18 million
Economics is best described as the
a. study of choice when scarcity exists b. study of the production of goods and services c. theory of consumer behavior d. science of money e. art of spending money wisely
Which of the following would be most likely to cause the production possibilities curve for computers and education to shift outward?
a. A choice of more computers and less education. b. A choice of more education and less computers. c. A reduction in the labor force. d. An increase in the quantity of resources.