Which of the following is an example of structural unemployment?
A. An autoworker who is temporarily laid off from an automobile company due to a decline in sales.
B. A geologist who is permanently laid off from an oil company due to a new technological advance.
C. A worker at a fast-food restaurant who quits work and attends college.
D. A real estate agent who leaves a job in Texas and searches for a similar, higher paying job in California.
Ans: B. A geologist who is permanently laid off from an oil company due to a new technological advance.
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If monetary policy is used to control real GDP then fiscal policy is a major determinant of
A) interest rates and economic growth. B) interest rates and the foreign trade deficit. C) unemployment and the foreign exchange rate. D) None of the above.
All of the following are examples of restraints of trade except which one?
A) price fixing B) predatory pricing C) output restrictions D) bid rigging
Refer to the above table. Suppose the demand for smartphones rises because more people use the Internet with a smartphone. The new equilibrium price will be
A) $200. B) $275. C) more than $275. D) impossible to be determined given the information.
If the Fed was trying to reduce demand-pull inflation, it might:
a. sell government securities, lower reserve requirements and lower the discount rate. b. sell government securities, raise reserve requirements and raise the discount rate. c. sell government securities, lower reserve requirements and raise the discount rate. d. buy government securities, lower reserve requirements and raise the discount rate.