Unemployment associated with industries where the demand for labour regularly rises and falls at different times of the year, is best described as:
(a) Cyclical unemployment.
(b) Seasonal unemployment.
(c) Frictional unemployment.
(d) Real Wage unemployment.
Answer: (a) Cyclical unemployment.
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About what percentage of U.S. output was exported to foreigners in 2012?
A) 1% B) 14% C) 18% D) 25%
Figure 7-11
Figure 7-11 shows an average cost curve with points on it that correspond to three quantity levels. Which of the following statements must be wrong?
A. The firm’s technology may show increasing marginal returns as production increases from A to B. B. The firm may have positive fixed costs. C. As production expands from A to B to C, the firm may become increasingly difficult to manage efficiently. D. The firm’s average fixed cost may rise as production increases from B to C.
Collusion occurs when
a. a firm chooses a level of output to maximize its own profit b. firms get together to maximize joint profits c. firms refuse to follow their price leaders d. firms petition their U.S. senators for favors e. two firms' price and output decisions come into conflict
If banks are fully loaned up, have no excess reserves, and the required reserve ratio is raised, the amount that banks can lend is:
a. reduced and the money supply contracts. b. reduced and the money supply expands. c. reduced and there is no change in the money supply. d. increased and the money supply expands. e. increased and the money supply contracts.