Considering both product markets and resource markets, most economic decision makers participate in the economy as both buyers and sellers
a. True
b. False
A
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The natural rate of unemployment ________
A) is equal to 0.078 percent B) is a constant C) varies across time and countries D) is equal to the cyclical rate of unemployment divided by the actual rate
Employers and workers in the protected industry know that the consequences of protection are principally:
a. lower prices for their output, lower profits for owners, and lower wages for workers. b. higher prices for their output, lower profits for owners, and lower wages for workers. c. higher prices for their output, lower profits for owners, and higher wages for workers. d. lower prices for their output, higher profits for owners, and higher wages for workers. e. higher prices for their output, higher profits for owners, and higher wages for workers.
If equilibrium is present in a market,
a. there is generally either a shortage or a surplus. b. quantity demanded equals quantity supplied. c. quantity demanded exceeds quantity supplied. d. quantity supplied exceeds quantity demanded.
If the demand for a good rises by more than the supply of the good falls, then the good's equilibrium price will __________ and its equilibrium quantity will __________
A) rise; fall B) rise; rise C) fall; fall D) fall; rise