Jasmine has recently moved to Florida because she loves the warm climate there. Being new to the area, she will need to spend a few weeks looking for a new job. This is an example of:
a) frictional unemployment.
b) cyclical unemployment.
c) structural unemployment.
d) underemployment.
Answer: a) frictional unemployment.
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Which of the following is NOT considered to be an economic resource?
A) your economics professor B) the telephone company repair truck C) the local gas station D) a view of the stars on a clear night
Military spending is a good example of an automatic stabilizer
a. True b. False Indicate whether the statement is true or false
Bob's Baubles, Inc, sells its product for $3 each in a perfectly competitive market. If it increases its workforce from 1,000 to 1,001, its output goes from 615 to 625 per day. Bob should hire the 1,001st worker only if: a. the wage is more than $30 per day. b. the wage is $30 or less per day
c. the wage is less than $10 per day. d. the wage is less than $3 per day.
Engel's Law, relating to the demand for food,
a. states that food demand is inelastic b. holds more strongly in developed countries c. indicates why the food sector experiences more than proportionate increases in quantities demanded as incomes rise d. shows why food demand expands as citizen education improves e. was only relevant when established in the 1800s