Althea, a brilliant new Ph.D. in economics, has turned down many job offers because she hopes eventually to teach at one of the top 10 universities in her field. The type of unemployment she is experiencing is:
A. frictional.
B. structural.
C. underemployment.
D. cyclical.
Answer: A
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Consider a price ceiling imposed on a monopoly that is set below the competitive price. Design a diagram showing the monopoly equilibrium in this case. Use your diagram to show that a price ceiling set this low will create a shortage.
What will be an ideal response?
As a result of increased use of credit cards,
A) the demand for money has decreased and there has been a movement up along the demand for money curve. B) the demand for money has decreased and there has been a movement down along the demand for money curve. C) the equilibrium nominal interest rate has decreased and bond prices have fallen. D) the demand for money has decreased and the demand for money curve has shifted leftward. E) the equilibrium nominal interest rate has increased and bond prices have decreased.
Long-run producer surplus in a perfectly competitive industry accrues mainly to:
a. suppliers of inputs with inelastic supply curves. b. suppliers of inputs with elastic supply curves. c. firms' owners. d. marginal consumers.
If consumption = $2,000, investment = $600, government purchases = $500, net exports = ?$40, transfer payments = $340, then _____
a. GDP = $2,720 b. GDP = $3,060 c. GDP = $3,140 d. GDP = $3,400 e. GDP = $3,340