Which of the following is an example of cyclical unemployment?
A. Marsha was laid off from her job with the airline because the recession reduced demand for airline travel. She expects to get her job back when the economy picks up.
B. Jim had a job as an engineer, but quit when his wife was transferred to another state. He looked for a month before finding a new job that he liked.
C. George is an unskilled worker who mows lawns in the summer, but is unemployed the rest of the year.
D. Dora lost her job when the textile factory closed. She does not have skills to work in another industry and has been unemployed for over a year.
Answer: A
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The Troubled Asset Relief Program ________
A) led to the creation of the Federal Reserve System B) helped contribute to the stock market crash of 2006-2007 C) shifted non-performing assets off the balance sheet of the Federal Deposit Insurance Corporation onto the balance sheet of Fannie Mae and Freddie Mac D) authorized the Treasury to by mortgages from troubled financial institutions
From the standpoint of the economy as a whole, the role of insurance is
a. to entice risk-loving people to become risk averse. b. to promote the phenomenon of adverse selection. c. not to eliminate the risks inherent in life, but to spread them around more efficiently. d. not to spread risks, but to eliminate them for individual policy holders.
Exhibit 3-5 Supply for Tucker's Cola Data Quantity supplied per week(millions of gallons) Price pergallon 6 $3.00 5 2.50 4 2.00 3 1.50 2 1.00 1 .50 Exhibit 3-5 shows the supply schedule for Tucker's Cola. If Tucker's Cola and Refresh Cola are the only two suppliers in the cola market and Refresh Cola is willing to sell 5 million gallons when the price is $3.00, 4 million gallons when the price is $2.50, 3 million gallons when the price is $2.00, 2 million gallons when the price is $1.50, 1 million gallons when the price is $1.00, and 0 gallons when the price is $0.50 or less,
A. the market quantity supplied of cola will be 7 million gallons when the price is $2.00. B. Tucker's Cola follows the law of supply, but Refresh Cola does not. C. the market quantity supplied of cola is decreasing as price increases. D. the market supply curve is horizontal.
Country A is relatively land-abundant, and wheat is relatively land-intensive. Given the assumptions of the Heckscher-Ohlin model, the opening of trade by this country will cause the domestic price of wheat to
A. fall. B. remain unaffected. C. rise. D. rise at first, but then fall back to its original level.