During a mild winter, the price of home heating oil is expected to be less than it would be during a normal winter
Indicate whether the statement is true or false
True . During a mild winter, people do not need to operate their furnace as often as in a normal winter. The demand for home heating oil lies to the left of where it would be under normal weather conditions. As a result, the price of oil falls.
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The unemployment rate at full employment is
A) the natural unemployment rate. B) equal the amount of unemployment caused by job search. C) zero. D) equal to the rationed rate of unemployment. E) undefined because the economy is never at full employment.
Middlemen would serve no productive function if
A) information is scarce and transactions costs are zero. B) information is free and transactions costs are significant. C) information is free and transactions costs are zero. D) people only purchased what they need, rather than what they want.