A worker who loses a job at a petroleum refinery because consumers and business firms switch from the use of oil to natural gas is an example of
A. frictional unemployment.
B. structural unemployment.
C. cyclical unemployment.
D. disguised unemployment.
B. structural unemployment.
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The Phillips curve indicates that when the labor market is ________, production costs will ________ and aggregate supply increases
A) easy; rise B) easy; fall C) tight; fall D) tight; rise
Fiscal policy affects the economy
a. only in the short run. b. only in the long run. c. in both the short and long run. d. in neither the short nor the long run.
The monopolist's outcome happens at a:
A. equal quantity that is equal to a perfectly competitive one. B. higher quantity than the perfectly competitive one. C. higher price than the perfectly competitive one. D. lower price than the perfectly competitive one.
Suppose an employer has monitoring devices established so that the probability of an employee being caught while shirking is 0.2. If the gain to the employee from shirking is $1,000, how large a bond will deter shirking?
What will be an ideal response?