The natural rate of unemployment:
A. is typically zero.
B. is the normal level of unemployment in an economy in the long run.
C. is constant over time.
D. None of these is true.
B. is the normal level of unemployment in an economy in the long run.
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Uni-Go Company makes motorized unicycles. Uni-Go is deciding whether to include a safety feature that would cost $6 for each unicycle
Uni-Go estimates the probability of death without the safety feature is 1/90,000 and the death cost per unicycle is $5.55. Uni-Go's cost-benefit recommendation is to A) add the safety device. B) not add the safety device. C) add the safety device plus additional safety devices. D) not produce the unicycle.
In a competitive market, an efficient allocation of resources is characterized by:
a. a price greater than the marginal cost of production. b. the possibility of further mutually beneficial transactions. c. the largest possible sum of consumer and producer surplus. d. a value of consumer surplus equal to that of producer surplus.