Which of the following unemployment rates can be negative?
A) the official unemployment rate reported by the Bureau of Labor Statistics
B) the natural unemployment rate
C) the cyclical unemployment rate
D) the seasonal unemployment rate
C
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A monopolist who owned the entire supply of a scarce resource would set a price
a. at about the competitive level. b. lower than the competitive level. c. higher than the competitive level but lower than what a monopoly producer of a non-scarce good would. d. above that which would be chosen by a monopoly producer of a nonscarce good.
The income and living standards of a nation will increase when
a. jobs are protected and total employment expands. b. the prices of goods and services increase. c. the imports of goods and services fall. d. the availability of goods and services that people value increases.
Economists assume that individuals make informed decisions and act in their own self-interest.
Answer the following statement true (T) or false (F)
Antitrust laws in the United States
A) are an attempt to foster competition. B) are not necessary in the twenty-first century. C) have not been used in the past twenty-five years. D) are the same as the laws in the European Union.