Suppose that over a period of years the country of Quasiland switched from being an agriculturally-based economy to a technologically-based economy. As a result, many people lost jobs because they lacked the correct skills
As they search for new jobs, these people are part of A) frictional unemployment.
B) structural unemployment.
C) cyclical unemployment.
D) discouraged workers.
B
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In the above figure, the economy is initially at point B. Then the price level falls by 10. The wealth effect will help
A) move the economy to point A. B) move the economy to point C. C) move the economy to point D. D) keep the economy to point B.
A measure of all the satisfaction you receive from all the coffee that you consume is your
A) marginal utility of coffee. B) marginal utility per dollar spent on coffee. C) total utility from coffee. D) marginal utility per dollar spent on coffee when you are in your consumer equilibrium.
In the above figure, the efficient quantity is
A) 0 units. B) 70 units. C) 80 units. D) 100 units.
A perfectly competitive industry always has a perfectly elastic (flat) long-run supply curve
a. True b. False Indicate whether the statement is true or false