Which of the following will not cause an increase in the natural rate of unemployment?
A) an increase in m
B) an increase in z
C) an increase in the expected inflation rate
D) a reduction in m
E) none of the above
C
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If price of product A increases by 10%, and the quantity demanded for product B drops by 50%, then these two products are
A) substitutes. B) complements. C) normal goods. D) inferior goods.
In a common-value setting
a. Oral auctions tend to return higher prices
b. Sealed bid auctions tend to return higher prices
c. Vickery auctions tend to return higher prices
d. Rotating bid auctions tend to return higher prices
When a U.S. company shifts its call-center operations overseas to reduce costs, it is applying the economic concept of:
A. thinking at the margin. B. comparative advantage. C. diminishing returns. D. using assumptions to simplify.
Related to the Economics in Practice on p. 36: In all societies, resources are limited relative to people's demands, and there are ________ trade-offs individuals face in rich countries versus poor countries.
A. more important B. large differences in the kinds of C. fewer D. virtually no differences in the types of