Full employment occurs when the
A) cyclical unemployment rate equals the natural unemployment rate.
B) structural unemployment rate equals zero.
C) unemployment rate equals the natural unemployment rate.
D) natural unemployment rate equals the frictional unemployment rate.
E) structural unemployment rate equals the frictional unemployment rate.
C
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Refer to Figure 2-12. What is the opportunity cost of producing one gallon of milk in Bora Bora?
A) 1.5 gallons of honey B) 0.8 gallons of honey C) 1.125 gallons of honey D) 2/3 of a gallon of honey
Profit-maximizing firms enter a competitive market when, for existing firms in that market,
a. total revenue exceeds fixed costs. b. total revenue exceeds total variable costs. c. average total cost exceeds average revenue. d. price exceeds average total cost.
If technology improves when a nation is in the intermediate range and only the Aggregate Supply changes, then:
a. Real GDP remains the same and average price level falls. b. Real GDP remains the same and average price level rises. c. Real GDP remains the same and average price level remains the same. d. Real GDP rises and average price level falls. e. Real GDP falls and average price level falls.
Refer to Figure 4-6. The amount of the excise tax I is
a. $.50. b. $1.50. c. $1.00. d. $2.00.