Which of the following statements about full employment is true?
A. Liberal economists insist that an unemployment rate of 4 percent constitutes full employment.
B. Conservative economists feel that an unemployment rate of 6 percent is a realistic portrayal of full employment.
C. Economists cannot agree on what constitutes full employment, thus 5% represents a reasonable compromise.
D. All of these choices are true.
D. All of these choices are true.
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If a monopolist had a zero marginal cost of production, it would maximize profits by choosing to produce a quantity where ______.
a. demand was inelastic b. demand was unit elastic c. demand was elastic d. It is impossible to determine where along a demand curve such a monopolist would choose to produce.
Which one of the following transactions would be included in GDP?
a. Ms. Kim pays $50 for a used picture frame at a neighborhood garage sale. b. Mr. Doe donates $500 to his town's junior college scholarship fund. c. Ms. Bartolini pays $500 to fix the front end of her car damaged in a recent accident. d. Ms. Smith pays $5,000 to purchase 100 shares of Microsoft stock.