Jack just told his boss that he thinks his boss is an idiot. It is likely that Jack will be experiencing ________ unemployment in the near future
A) cyclical B) structural C) frictional D) permanent
C
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Suppose that Chris had been charging $1.00 per pound for potatoes. When Chris lowered the price to $0.90 per pound, his total revenue fell. When Chris raised the price to $1.10, total revenue also fell. Which of the following could explain this?
A. The price elasticity of demand for potatoes is 1 at a price of $1.00 per pound. B. $1.00 is the equilibrium price for potatoes. C. $1.10 is more than Chris's customers' reservation prices. D. At 90 cents, there is excess demand for potatoes.
Positive economic analysis answers what question?
What will be an ideal response?
The hypothesis that people are nearly, but not fully rational, cannot possibly fully examine every available choice, and utilize simple rules of thumb in making decisions is known as the
A. bounded rationality hypothesis. B. ceteris paribus hypothesis. C. individual aggregation hypothesis. D. irrationality hypothesis.
My neighbor ________ is an example of an external benefit.
A. smoking a cigarette in my presence B. dumping hazardous chemicals on a stream that passes through my property C. playing loud music on his radio that I can hear D. keeping the leaves from his trees away from my yard