The economy’s self-correcting mechanism always tends to push the unemployment rate back toward a specific rate of unemployment called the
A. ideal rate of unemployment.
B. natural rate of unemployment.
C. full rate of unemployment.
D. mature rate of unemployment.
Answer: B
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Explain with examples the reasoning behind the positive slope of the LRAC curve at higher levels of output
If a price floor is a binding constraint on a market, then a. the equilibrium price must be above the price floor
b. the quantity demanded must exceed the quantity supplied. c. sellers cannot sell all they want to sell at the price floor. d. buyers cannot buy all they want to buy at the price floor.
An Australian company makes athletic wear for women, men, and children. After several years of successfully exporting its products to the U.K. and the U.S., the company began exporting to Japan. This is an example of ________.
A) a born-global company B) a location advantage C) third-party exporting D) incremental internationalization
The point of tangency between an isocost line and an isoquant is necessarily
A. the profit-maximizing combination of inputs that should be hired to produce that output level. B. the least costly combination of inputs that can be hired to produce the output level. C. the minimum amount of output that can be attained for that level of expenditure. D. both the profit-maximizing and least costly combination of inputs that can be used to produce the output level.