Which of the following unemployment rates can be negative?
A) the official unemployment rate reported by the Bureau of Labor Statistics
B) the natural unemployment rate
C) the cyclical unemployment rate
D) the seasonal unemployment rate
C
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The proportion of domestic demand for a good that is satisfied by domestic production relative to that supplied by imports is determined by:
a. the interplay of domestic demand and supply curves and the domestic equilibrium price of the good. b. the interplay of demand and supply curves in the international market and the international equilibrium price of a good. c. the interplay of domestic supply and demand curves and the international equilibrium price of a good. d. the different trade restrictions like tariffs and quotas created by the domestic government. e. the interplay of demand and supply curves in the international market and the domestic price of the good
Figure 2-2
Assume that U.S. agricultural land is used either to raise cattle for beef or to grow wheat. represents the production possibility frontier for beef and wheat. The opportunity cost of moving from point G to point F equals
a.
0.25 million bushels of wheat
b.
1.75 million bushels of wheat
c.
0.125 bushels of wheat
d.
8 bushels of wheat
e.
2 bushels of wheat