Frictional unemployment refers to:
A. people who are out of work and have no job skills.
B. short periods of unemployment needed to match jobs and job seekers.
C. people who spend relatively long periods out of work.
D. unemployment related to the ups and downs of the business cycle.
Answer: B
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A country can gain by importing a good that it can make itself if
a. this enables the country to make another good in which it is extremely efficient. b. it has an absolute disadvantage in the good. c. this permits the country to establish comparative advantage in the good. d. All of the above are correct.
By 1830 home manufacture had declined significantly due to:
a. increased industrial organization. b. increased tariffs. c. advances in transportation. d. Both a and b are correct. e. Both a and c are correct.
The mutually understood customs the two parties involved in a transaction follow from experience are known as _____
a. focal points b. norms c. cores d. strategies
Why do perfectly competitive firms maximize their profits by producing so that the price is equal to marginal cost, but monopolists maximize their profits by setting a price that is greater than marginal cost?
What will be an ideal response?