The Bureau of Labor Statistics' U-2 measure of joblessness includes job losers and job leavers
a. True
b. False
Indicate whether the statement is true or false
False
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The ________ nature of patents attempts to balance the social gain from the product against the ________.
A) temporary; competitive firm's economic profit from the product B) permanent; competitive firm's economic profit from the product C) temporary; deadweight loss to society D) permanent; deadweight loss to society
The short-run break-even price is the point at which
A) price is less than marginal cost. B) marginal cost, average total cost and marginal revenue are all equal. C) average variable cost is at a minimum. D) marginal cost, price and average variable cost are all equal.
Refer to Table 3-3. The table contains information about the sorghum market. Use the table to answer the following questions
a. What are the equilibrium price and quantity of sorghum? b. Suppose the prevailing price is $6 per bushel. Is there a shortage or a surplus in the market? c. What is the quantity of the shortage or surplus? d. How many bushels will be sold if the market price is $6 per bushel? e. If the market price is $6 per bushel, what must happen to restore equilibrium in the market? f. At what price will suppliers be able to sell 36,000 bushels of sorghum? g. Suppose the market price is $14 per bushel. Is there a shortage or a surplus in the market? h. What is the quantity of the shortage or surplus? i. How many bushels will be sold if the market price is $14 per bushel? j. If the market price is $14 per bushel, what must happen to restore equilibrium in the market?
Critics of inflation targeting will argue that central banks need flexibility
a. True b. False Indicate whether the statement is true or false