Over long periods of time, the cyclical rate of unemployment, on average, ________
A) approaches infinity
B) approaches a value of one
C) should be close to zero
D) approaches the natural rate
C
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Which of the following statements is true?
A) Extractive economic institutions foster economic activity, productivity growth, and economic prosperity, while inclusive institutions fail to do so. B) Both extractive and inclusive institutions foster economic activity, productivity growth, and economic activity. C) Both extractive and inclusive institutions fail to foster economic activity, productivity growth, and economic activity. D) Inclusive economic institutions foster economic activity, productivity growth, and economic prosperity, while extractive institutions fail to do so.
Which of the following is an implicit cost of production?
A) interest paid on a loan to a bank B) wages paid to labor plus the cost of carrying benefits for workers C) rent that could have been earned on a building owned and used by the firm D) the utility bill paid to water, electricity, and natural gas companies