Full employment is the level of unemployment that occurs
A) when everyone looking for a job has a job.
B) when cyclical unemployment is zero.
C) when frictional and structural unemployment are zero.
D) when frictional, structural, and cyclical unemployment are zero.
E) None of the above answers is correct.
B
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In a free market economy, the decisions of buyers and sellers are:
A. coordinated by the government. B. random. C. motivated by custom and tradition. D. guided by prices.
In the above figure, what is the marginal cost of the 4th pizza?
A) $0 B) $4 C) $9 D) $36 E) 4 pizzas
The above figure shows a payoff matrix for two firms, A and B, that must choose between a high-price strategy and a low-price strategy. For firm A,
A) setting a low price is the dominant strategy. B) setting a high price is the dominant strategy. C) setting a high price when firm B sets a high price, and setting a low price when firm B sets a low price is the dominant strategy. D) setting a high price when firm B sets a low price, and setting a low price when firm B sets a high price is the dominant strategy.
Related to the Economics in Practice on page 79: If a hurricane results in the supply of hotel rooms decreasing and the demand for hotel rooms increases, the equilibrium price for hotel rooms ________ and the equilibrium quantity of hotel rooms ________.
A. may increase, decrease, or stay the same; will decrease B. will increase; will decrease C. may increase, decrease, or stay the same; may increase, decrease, or stay the same D. will increase; may increase, decrease, or stay the same