Cyclical unemployment is primarily caused by:
A. a large proportion of youthful workers in the labor force.
B. fluctuations in aggregate demand.
C. a lack of training on the part of job seekers.
D. the failure of job seekers to search adequately for the available jobs.
Answer: B
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Due to resource scarcity,
a. some economic activities have an opportunity cost b. all economic activities have an opportunity cost c. no economic activities have an opportunity cost d. economic activities have opportunity costs equal to their market prices e. economic activities have opportunity costs generally lower than their market prices
When the government attempts to improve equality in an economy the result is often
a. an increase in overall output in the economy. b. additional government revenue since overall income will increase. c. a reduction in equality. d. a reduction in efficiency.
The income effect of a price change is depicted by
a. a parallel shift of the budget constraint at the old set of prices. b. a parallel shift of the budget constraint at the new set of prices. c. a movement along the budget constraint holding the level of satisfaction constant. d. not observable and is therefore neither a shift nor a change in the slope of the budget constraint.
What entity or entities take the necessary steps to increase or decrease the money supply?
a. commercial banks b. the central bank c. investment firms d. pension plans