During the financial crisis of 2008, the unemployment rate
A. fell by less than expected.
B. barely changed.
C. fell dramatically.
D. rose dramatically.
Answer: D
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Which of the following is likely to cause the supply curve for steel window frames to shift to the right?
A) A decrease in the cost of production of steel due to a new subsidy B) A fall in the number of steel window frame producers due to factory lockouts C) A rise in the market price of steel window frames due to an increase in demand D) An increase in the wages of labor working in steel firms due to demands by trade unions
In the Keynesian model, the full-employment level of output is the amount of output produced when
A) the quantity of labor demanded equals the quantity of labor supplied. B) the market wage exceeds the efficiency wage. C) labor is paid an efficiency wage, and the real wage equals the marginal product of labor. D) the real wage exceeds the nominal wage.
Which of the following contributed to the clear advancement of the automobile and steel industries?
(a) Oligopoly behavior (b) Voluntary export restrictions (c) Quotas set for the number of foreign products entering the U.S. (d) Dynamic entrepreneurialism
When accounting profits are zero, which of the following is most likely to be true?
A. Economic profits could be zero. B. Economic profits could be positive. C. Economic profits are negative. D. All of these are likely.