________ unemployment rises and falls with economic fluctuations
A) Cyclical B) Frictional C) Structural D) Inflationary
A
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If both total employment and total output in an economy grow by 2 percent each year, then the annual growth in labor productivity in the economy over a decade will be equal to _____
a. 0 percent b. 2 percent c. 10 percent d. 20 percent e. 2 percent times the size of the labor force
What does the circular flow model show?
(A) What inputs are required for what outputs. (B) How many firms can support the needs of how many households. (C) How profits are made. (D) The interactions between households and businesses in the free market.
The supply and demand model assumes
A) no buyer or seller can unilaterally influence the price of the product. B) each unit sold is sold at the same price. C) suppliers and demanders know the price of the product. D) All of the above.
Most economists agree that government efforts in economic development must be:
A. Employed to substitute for private efforts B. Designed to support private efforts C. The sole driver of economic development D. Kept at a minimum because we can always rely on markets