Which of the following lowers frictional unemployment?
A) more young people in the economy
B) decreasing unemployment benefits
C) increasing the pace of technological change
D) increasing the minimum wage
E) None of the above answers are correct because all of the answers raise frictional unemployment.
B
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Suppose there has been an increase in investment. As a result, real GDP will ________ in the short run, and ________ in the long run
A) decrease; increase to its initial level B) increase; increase further C) increase; decrease to its initial value D) decrease; decrease further
Under perfect competition, the firm must decide
A) the best price to charge for its product. B) the best rate of output it should produce. C) the optimal level of advertising to engage in. D) the optimal level of quality and the packaging that will maximize profits.