B positive c negative d equal to marginal cost and

This preview shows page 10 - 13 out of 13 pages.

b. positive. c. negative. d. equal to marginal cost and both are equal to zero. Feedback The correct answer is: positive.
Question 17 Correct Mark 1.00 out of 1.00 Flag question Question text What do economists mean by the term "sticky wage?" Select one:
c. It refers to a breakdown in wage negotiations between employers and employee unions. d. It refers to a union negotiated wage. Feedback The correct answer is: It refers to a wage that is slow to adjust to its equilibrium level, creating sustained periods of shortage or surplus in the labor market. Question 18 Correct Mark 1.00 out of 1.00 Flag question Question text Charges that are paid for factors of production are called: Select one:
Question 19 Correct Mark 1.00 out of 1.00 Flag question Question text A statement that best reflects an evaluation of monopoly firms is that:
a. they have a great deal of market power. b. they are economically efficient. c. consumers are given more choices, lower costs, and higher quality. d. competition should replace all monopolies. Feedback The correct answer is: they have a great deal of market power. Question 20 Correct Mark 1.00 out of 1.00 Flag question Question text The natural rate of unemployment: Select one: a. increases during recessions. b. equals the sum of frictional and cyclical unemployment. c. equals the sum of frictional and structural unemployment. d. is always less than full employment rate of unemployment. Feedback The correct answer is: equals the sum of frictional and structural unemployment.
Question 21 Incorrect Mark 0.00 out of 1.00 Flag question Question text
In this exhibit (Figure 7-2), the potential output in this economy is: Select one:

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture