Globalization, the development of new technology, changes in consumer demand, and the discovery of new resources are all causes of _____.
(A) Cyclical unemployment
(B) Structural unemployment
(C) Frictional unemployment
(D) Seasonal unemployment
Answer: (B) Structural unemployment
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In the figure above, the length of the double sided arrow is the
A) consumer surplus. B) deadweight loss. C) producer surplus. D) economic loss per unit. E) economic profit.
Is it possible to design a tax that does all of the following: i) leaves behavior unchanged so that the quantity demanded of goods and services does not change, ii) creates no excess burden, iii) is not regressive, and iv) is welfare enhancing?
What will be an ideal response?
If more people enter medical school, we can expect:
a. the demand for doctors to increase. b. the supply of doctors to increase. c. the demand for doctors to decrease. d. the supply of doctors to decrease. e. no effect on the supply or demand of doctors?just a movement along the curves.
If a firm’s marginal product of labor is currently 75 units of output, the wage is $15 per unit of labor, and output sells for $0.80 per unit, the firm should
a) shut down production b) hire fewer workers c) maintain its current workforce, but at fewer hours per worker d) keep the current number of employees and hours worked e) hire more labor