The duration of unemployment ________ during a recession.
A. decreases
B. remains constant
C. varies between 5 and 14 weeks
D. increases
Answer: D
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A monopoly misallocates resources when it
A) restricts output so that the marginal benefit of the last unit sold exceeds the marginal social cost of producing the good. B) makes an above-normal profit. C) sells the same product to different groups of customers at different prices. D) exploits scale economies.
Most immigrants to the U.S. in the 1980s and 1990s were from
a. Asia. b. Eastern Europe. c. Western Europe. d. Mexico and Latin America.
In a perfectly competitive industry, the demand for a single firm's product is perfectly elastic
A) because this firm's output is a perfect substitute for any other firm's output. B) because this firm is a price maker. C) only in the long run. D) because there are many buyers in this market.
Development economics is the study of the
a. alleviation of absolute poverty. b. transformation of institutions. c. allocation of resources in developing countries. d. all of the above.