A fixed cost is one that
a. increases only when output increases
b. has already been paid
c. does not vary with output
d. diminishes over time
e. cannot be recovered with profit
C
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Which of the following is true of cyclical unemployment?
A) Cyclical unemployment increases during periods of economic boom. B) Cyclical unemployment is the deviation of unemployment from its natural rate. C) Cyclical unemployment is also known as frictional unemployment. D) Cyclical unemployment decreases during periods of economic boom.
Refer to Figure 4-5. Suppose that instead of a price ceiling, the government imposed a price floor of R1. What area represents the deadweight loss after the imposition of the price floor?
A) C + E + J + H B) G + H C) J + H D) C + E
Expansionary monetary policy increases the quantity of loans in an economy
a. True b. False Indicate whether the statement is true or false
Which of the following should be held constant when calculating an income elasticity of demand?
a. the price of the good b. prices of related goods c. tastes d. All of the above should be held constant.