Which tool do economists use to determine the effect of an economic event on equilibrium price and quantity?
a. equilibrium price
b. the four-step process
c. demand schedule
d. supply schedule
b. the four-step process
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Without any restrictions in a perfectly competitive market, if there is a sudden rightward shift in the demand for a good:
A) sellers of the good will increase the supply of the good at the same price. B) sellers of the good will increase the quantity of the good supplied in the market. C) sellers of the good will decrease the supply of the good at the same price. D) sellers of the good will decrease the quantity supplied.
The unemployment rate is the ________ who are unemployed
A) number of people in the labor force B) percentage of people in the labor force C) percentage of people in the country D) percentage of the working-age population
In a monopoly market structure, the firm (the monopolist) always
A) is the whole industry. B) produces too much. C) sells faulty products. D) earns economic profit.
During a recession, unemployment
a. increases b. decreases. c. is equal to the natural rate of unemployment. d. is frictional unemployment minus structural unemployment.