An increase in a U.S. resident's income earned in Japan implies a/an
A. increase the United States' Gross Domestic Product.
B. decrease Japan's Gross Domestic Product.
C. decrease the United States' Gross Domestic Product.
D. increase Japan's Gross Domestic Product.
Answer: D
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This type of unemployment reflects the normal amount of unemployed workers who possess skills that will enable them to find another job
A) cyclical unemployment B) frictional unemployment C) structural unemployment D) None of the above answers is correct.
A monopoly is a sole ____, and a monopsonist is a sole ____
a. buyer in a product market; seller in a product market b. seller in a product market; seller in a labor market c. buyer in a product market; seller in a labor market d. seller in a product market; buyer in a labor market e. seller in a labor market; buyer in a product market
Assume the Unico Corporation is producing 40 units of output and selling the output in a perfectly competitive market for $5 per unit. Its total fixed costs are $110 and its average variable cost is $4 for each of the 40 units of output. Unico:
A) earns a profit of $40. B) maximizes its profits. C) earns a loss of $70. D) should shut down.
Why does a monopoly cause a deadweight loss?
A) because it does not produce some output for which demand exceeds supply B) because it increases producer surplus at the expense of consumer surplus C) because it appropriates a portion of consumer surplus for itself D) because it does not produce some output for which marginal benefit exceeds marginal cost