Full employment means that
What will be an ideal response?
there is no cyclical unemployment.
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Consider the market for feather pillows. If there is an increase in the price of feather dusters, a substitute in production for feather pillows, then
A) there is a downward movement along the demand curve for feather pillows. B) the supply curve for feather pillows shifts leftward. C) the price of feather pillows decreases. D) the demand curve for feather pillows shifts rightward. E) the demand curve for feather pillows shifts leftward.
Fill in the blank: A productive service is a ________ service
A) supplied B) demanded C) technically efficient D) marketed
An apple orchard currently hires 10 workers. The owner estimates that hiring an additional worker would increase apple yields by 20 bushels per day. The price of apples is $15 per bushel. The owner should hire the extra worker if the wage rate is no greater than:
a. $50 per day. b. $150 per day. c. $200 per day. d. $300 per day.
If one country has an absolute advantage in every commodity, there is no reason for it to trade
a. True b. False Indicate whether the statement is true or false