If the consumption of a good by one person reduces its consumption by others, then the good is
A. nonrivalrous in consumption.
B. rivalrous in consumption.
C. nonexcludable.
D. excludable.
E. b and d
Answer: B
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The natural rate of unemployment is the estimated rate of unemployment that would prevail when ________ unemployment is zero
A) structural B) cyclical C) seasonal D) frictional
The matching function captures the idea that
A) consumers have to be paid to work. B) supply and demand for labor determine the market wage. C) it is costly and time-consuming to get firms and workers together to produce output. D) firms are profit-maximizing.
Refer to Figure 14.3. To maximize economic rent, the labor union will agree to wage rate:
A) W0. B) W1. C) W2. D) W3. E) none of the above
If equilibrium income is $500 billion, MPC = 0.8, MPI = 0.2 and autonomous government spending increases by $20 billion, the new equilibrium income will be _____
a. $600 billion b. $550 billion c. $525 billion d. $520 billion e. $500 billion