If the economy is to the left of the potential GDP, what is the economy experiencing?
a. Frictional unemployment
b. Natural unemployment
c. Cyclical unemployment
d. Structural unemployment
c. Cyclical unemploymen
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A weakness of the market system of resource allocation is that
a. such economies tend to be stagnant b. most participants in such an economy have low standards of living c. there are no limits on an individual's freedom of action d. it does not address the problem of initial inequities in endowments e. its participants are free to act according to their desires
A yellow dog contract is a(n)
a. signed contract by a worker that he/she will not join a union if hired b. signed contract by a worker that he/she will join a union if hired c. prolabor provision in a contract that only union members will be employed d. agreement by a union member that he/she will not join any other union e. agreement by a worker that he/she will not go on strike
A favorable supply shock
a. raises unemployment and the inflation rate. b. raises unemployment and reduces the inflation rate. c. reduces unemployment and raises the inflation rate. d. reduces unemployment and the inflation rate.
The majority of proven world oil reserves are
A. under Alaska. B. held by non-Persian Gulf OPEC members. C. in the Persian Gulf region. D. in the former Soviet Union.