The natural rate of unemployment occurs if there is no
What will be an ideal response?
cyclical unemployment.
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A comic book company pays an annual licensing fee of $10,000 for the rights to an artist's character. Which would have the bigger effect on the readers of that character's comic: an increase in printing costs or an increase in the artist's licensing fee? Explain.
What will be an ideal response?
Which statement if false?
A. If the U.S. can produce rice more efficiently than Japan can, the U.S. enjoys an absolute advantage. B. Economists dislike both tariffs and import quotas. C. Under the law of comparative advantage, total output is greatest when each product is made by the country that produces it most efficiently. D. No nation will engage in trade with another nation unless it will gain by that trade.
If the demand curve over a certain range is "price elastic," this implies that the:
a. percentage change in the quantity demanded exceeds one. b. percentage change in the quantity demanded exceeds the percentage change in product price. c. percentage change in price exceeds the percentage change in quantity demanded. d. product is non-reactive. e. product has no good substitute.
Which is likely to be larger, the velocity of M1 or M2?
a. M1, because M2 is a larger number. b. M2, because M1 is a larger number. c. The velocities of both are approximately equal. d. The numbers of velocity switch in relative size.