"Natural unemployment" includes those out of work because of
A) expected or normal turnover which will always characterize a part of the labor force.
B) structural unemployment caused by normal technological change in production.
C) a recession.
D) A and B.
D
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Economic theory is most useful in explaining the operation of social systems
A) aimed at making a living. B) directed toward the satisfaction of material wants. C) in the world of business and finance. D) in which participants characteristically don't know one another personally. E) in which people pursue selfish interests.
Which of the following statements identifies the difference between variable costs and fixed costs?
A) Variable costs are the costs incurred on variable factors of production, whereas fixed costs are the costs incurred on all factors of production. B) Variable costs of a firm are zero after it shut downs, whereas it continues to incur the fixed costs of production in the short run. C) Variable costs exist even when the production is zero, whereas fixed costs exist only when there is some positive production. D) Variable costs are incurred only in the long run, whereas a firm incurs some fixed costs in both the short run and the long run.