Those factors that lead to differences in the proximate causes of prosperity between nations are referred to as:
A) endogenous causes of prosperity. B) implicit causes of prosperity.
C) explicit causes of prosperity. D) fundamental causes of prosperity.
D
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Refer to the scenario above. Based on the given information, we can conclude that the market for used cell phones in Barylia:
A) has asymmetric information. B) is perfectly competitive. C) is monopolistically competitive. D) has only one seller.
Cyclical unemployment is the result of
A) the search process of matching workers with jobs. B) a slowdown in the economy. C) a persistent mismatch between the skills and characteristics of workers and the requirements of the jobs. D) the ups and downs in inflation.
At the competitive firm's profit-maximizing quantity of labor:
A. the value of the last worker's marginal product is greater than or equal to marginal cost of that input. B. the value of the last worker's marginal product is less than the marginal cost of that input. C. marginal profits are always positive. D. the average product of labor is equal to the wage rate.
Suppose a recession in Europe reduces U.S. net exports at every price level. Which of the following would you expect to occur in the U.S. as a result of this change?
a. In the short run, unemployment will increase and inflation will fall. b. In the short run, unemployment will increase and inflation will rise. c. In the short run, unemployment will decrease and inflation will rise. d. In the short run, unemployment will decrease and inflation will fall.