Suppose the country of Quasiland experienced a decrease in real GDP and people were laid off from their jobs. The people would be considered part of
A) frictional unemployment.
B) structural unemployment.
C) cyclical unemployment.
D) discouraged workers.
C
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What does U.S. GDP intend to measure?
A) The market value of final goods and services produced by U.S. citizens during the course of a year B) The market value of all goods and services produced by U.S. citizens during the course of a year C) The market value of final goods and services produced within the U.S. during the course of a year D) The market value of all goods and services produced within the U.S. during the course of a year
Assume the elasticity of of supply for a particular good has been estimated to equal 1.8. In this case, a 10 percent increase in product price would cause the quantity supplied to:
A) decrease by 1.8 percent. B) increase by 1.8 percent. C) decrease by 18 percent. D) increase by 18 percent.
If the U.S. can produce pizza for $5 each and barrels of beer for $25 each, and Germany can produce pizza for $7 each and barrels of beer for $21 each, then the U.S
A) a comparative advantage in the production of beer. B) an absolute advantage in the production of beer. C) a comparative advantage in the production of pizza. D) a comparative advantage in the production of beer and pizza.
According to the World Bank, low-income economies are heavily concentrated in:
a. Europe and Africa. b. Europe and Asia. c. Asia and Africa. d. Asia and Australia. e. North America and Australia.