The aging of the labor force in the United States is likely to ________ the natural rate of unemployment; an increase in the efficiency of the labor market is likely to ________ the natural rate of unemployment.
A. increase; decrease
B. decrease; decrease
C. decrease; increase
D. increase; increase
Answer: B
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The increased efficiency and specialization that results from globalization illustrates the:
A. principle of increasing opportunity costs. B. cost-benefit principle. C. principle of comparative advantage. D. scarcity principle.
Refer to the scenario above. A firm producing Good Y will ________
A) earn economic profits if it charges a price of 120 B) incur losses if it charges a price of $200 C) earn zero economic profits if it charges a price of $170 D) shut down production if price falls below $200
The figure illustrates the market for chairs. If the supply of chairs increases, the price of a chair ________ $40 and the quantity ________
A) will rise above; demanded will decrease B) will rise above; supplied will increase C) will fall below; demanded will increase D) will fall below; demanded will decrease
The economist George Stigler offered support for the Sherman Act when he said
A) competition can only be preserved by protecting competitors from cutthroat competition. B) conglomerate mergers could not be prevented or regulated if it were not for the Sherman Act's prohibition of combinations in restraint of trade. C) predatory pricing costs businesses more than it saves consumers. D) the ghost of Senator Sherman is an ex officio member of the board of directors of every large company. E) the Sherman Act is essential if the Clayton act is to be enforceable in any way.