Labor markets are generally perfectly competitive markets.
Answer the following statement true (T) or false (F)
False
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The cyclical unemployment rate is positive when
A. frictional unemployment equals structural unemployment. B. there is an expansionary gap. C. the output gap equals zero. D. there is a recessionary gap.
Which of the following is NOT a private cost?
A) the health insurance costs a firm must pay for its employees B) the pollution caused by a firm dumping its wastes into the river C) the coffee pot that Jan dropped and broke this morning D) the amount that a firm must pay for raw materials to make its product
The difference between the sale value of the product and the value of the inputs that went into it is called the:
A. value-added of that stage of production. B. value of the final product. C. profit margin. D. mark up.
when relationship-specific exchange occurs in complex contractual environments, the best way to purchase input is thorough
What will be an ideal response?