John Maynard Keynes explained that the consumption function is a major component of the aggregate expenditures model
a. True
b. False
Indicate whether the statement is true or false
True
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Competition among rent seekers results in
A) higher rents. B) firms earning normal profits. C) firms setting lower prices. D) lower costs. E) all competing firms earning an economic profit.
Because of increasing marginal cost, most supply curves
A) are horizontal. B) are vertical. C) have a negative slope. D) have a positive slope.
How do you calculate consumer’s surplus? What happens to consumer’s surplus when the price of a commodity rises?
What will be an ideal response?
Suppose there is a large number of jobs available for computer workers in California, but many such workers live in Texas, New York, and Illinois. This kind of mismatch is an example of
a. regional unemployment b. structural unemployment c. seasonal unemployment d. frictional unemployment e. cyclical unemployment