In the 1950's and 1960's the European unemployment rate tended to be ________ the U.S. unemployment rate, while in the 1990's the European unemployment rate tended to be ________ the U.S. unemployment rate.
A. lower than; lower than
B. lower than; higher than
C. higher than; higher than
D. higher than; lower than
Answer: B
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Suppose a perfectly competitive increasing-cost industry is in long-run equilibrium when market demand suddenly increases. What happens to the typical firm in the long run?
a. It experiences no change from the original equilibrium b. It experiences a higher average total cost and equilibrium price c. It experiences a lower average total cost and equilibrium price d. It experiences the same equilibrium price but a greater average total cost e. It experiences the same equilibrium price but a lower average total cost
Other things equal, the stock of capital inherited by future generations is likely to be smaller when government spending:
A. increases during a period of recession, rather than prosperity. B. is primarily for capital-type goods. C. is financed by borrowing. D. is financed by taxation.
In the above figure, if a firm is cleaning up Q2 units of pollution, it is an
A. efficient solution, because marginal social benefits are greater than marginal social costs. B. efficient solution, because marginal social benefits are equal to marginal social costs. C. inefficient solution, because marginal social benefits are greater than marginal social costs. D. inefficient solution, because marginal social costs are greater than marginal social benefits.
If the demand for a product is perfectly inelastic, a decrease in the price of the product
A) will increase total revenue. B) will decrease total revenue. C) will not change total revenue. D) any of the above are possible.