The gap between the current unemployment rate and the natural rate of unemployment is called:
A) frictional unemployment
B) structural unemployment
C) cyclical unemployment
D) full employment
C
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Today the typical American pays approximately what percent of income in taxes, including all federal, state, and local taxes?
a. 5 percent b. 25 percent c. 35 percent d. 50 percent
Economic games can be used to analyze decisions around which of the following situations?
A. Environmental protection B. War C. Business D. All of these situations.
If Eddie can produce 40 milk shakes or 20 banana splits in an hour, and Tina can produce 30 milk shakes or 16 banana splits in an hour, then Tina has a comparative advantage in producing banana splits.
Answer the following statement true (T) or false (F)
Jack graduated from college last month, but he has not yet started looking for a job. Jack is
A. Structurally unemployed. B. Not part of the labor force and is not counted in the unemployment rate. C. A discouraged worker and is part of the unemployment statistic. D. Frictionally unemployed.