In recent years, each 1 percent drop in output is associated with the loss of more than
a. five million jobs
b. one million jobs
c. half a million jobs
d. two hundred thousand jobs
e. one hundred thousand jobs
C
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It is important for a business firm to have a residual claimant because
A) income not claimed for accounting purposes is lost. B) otherwise surplus profits would set off a process of "profit inflation.' C) residuals account for as much as thirty percent of the wealth generated annually in the United States. D) some person must finally be liable for all corporate acts. E) the claimant produces an effective incentive to consider all costs and benefits relevant to a firm.
Which of the following is a basic assumption of an economic analysis?
a. Private property rights exist and are secure b. A controlled market structure is the key to economic growth. c. In a free market, resources are owned by the government. d. There are no private property rights under a free market economy. e. Social well-being is the prime objective of an entrepreneur.
Assume the analysis of Friedman and Phelps is correct, so that the following equation is valid: Unemployment rate = Natural rate of unemployment - a × (?ctual inflation - x). In this equation,
a. a is a parameter that measures how much actual inflation responds to expected inflation. b. a = 0 at the point of intersection of the short-run and long-run Phillips curves. c. x is the expected rate of inflation. d. All of the above are correct.
The antitrust doctrine that the existence of a monopoly alone is not illegal unless the monopoly engages in illegal business practices is known as