Construction workers at times face high rates of unemployment because their work is both seasonal and subject to wide swings over the business cycle
a. True
b. False
Indicate whether the statement is true or false
True
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Figure 4.5 shows the supply curves of a non-durable good. A shift from the supply curve S to S' could be caused by:
a. a patent application that restricts the use of a particular production technology. b. a decrease in consumer income. c. an expectation of a higher product price in the future among suppliers. d. an increase in the current price of the product. e. several competing producers going out of business.
Nonexcludability is a matter of degree. As the cost of excluding individuals rises, _____
a. the marginal cost of provision increase b. the marginal cost of provision decreases c. the probability of free riding declines d. the probability of free riding increases
If consumers have limited information about price and search costs exist, then
A) the result must be that all firms will charge the same price. B) the monopoly price must result. C) the full-information, competitive price is not an equilibrium. D) the difference in prices between firms will be greater than the search cost.
Which of the following changes is observed when the Fed increases the federal funds rate? a. Inflation is brought to an immediate halt
b. The inflation rate increases for several months, but then begins to decrease. c. Major banks try to offset this change by lowering the interest rates they charge on loans. d. Major banks try to offset this change by lowering the interest rates they pay on savings deposits. e. Major banks raise the prime interest rate that they charge to their best customers.