An example of frictional unemployment is a(n):
A. textile worker permanently laid off due to jobs lost to imports.
B. engineer permanently laid off due to advances in technology.
C. fast-food restaurant worker who quits work and attends college.
D. computer programmer who leaves one job and accepts a new job.
Answer: D
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Suppose a soccer coach has been making $25,000 per year but gives up his coaching job in order to make lace doilies. If his revenue from the sale of these doilies is $50,000 and his materials cost $20,000 . then his economic profit is
a. $5,000 b. $25,000 c. $30,000 d. $50,000 e. $80,000
If the value of the domestic currency depreciates:
a. Aggregate demand and aggregate supply rise. b. Aggregate demand rises and aggregate supply falls. c. Aggregate demand and aggregate supply fall. d. Neither aggregate demand nor aggregate supply change. e. None of the above.
In the long run, monopolistically competitive firms become perfectly competitive firms.
Answer the following statement true (T) or false (F)
To have a monopoly in an industry there must be
A) a public franchise, making the monopoly the exclusive legal provider of a good or service. B) an inelastic demand for the industry's product. C) barriers to entry so high that no other firms can enter the industry. D) a patent or copyright giving the firm exclusive rights to sell a product for 20 years.