Compared to older workers, younger workers change jobs more frequently, so they are more prone to ________ unemployment; also, younger workers have fewer skills, so they are more prone to ________ unemployment.
A. frictional; cyclical
B. structural; frictional
C. frictional; structural
D. cyclical; frictional
Answer: C
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In the late 1970s, proponents of rational expectations argued that
a. the Fed should not attempt to aggressively fight inflation. b. the sacrifice ratio was smaller than previously thought. c. the short run was relatively long. d. None of the above is correct.
If Utopia has a closed economy, the number of cases of tile consumed each is ________ per year, and if it has an open economy the number of cases of tile consumed is ________ per year.
A. 300; 450 B. 300; 200 C. 200; 450 D. 450; 200
If the supply curve is relatively flat, then the price elasticity of supply will be:
A. relatively large. B. relatively low. C. unit elastic. D. greater than one.
Sulfur Dioxide Discharged (Tons)Firm AFirm B10$8,000$9,000910,00012,000815,00018,000720,00027,000628,00037,000Table 16.3Table 16.3 shows the production cost for two utilities at different levels of sulfur dioxide emissions. Assume that the government issued 8 marketable pollution permits to each firm. Suppose that Firm A has already sold a permit to Firm B. If Firm A contemplates selling a second permit to Firm B, what is Firm A's willingness to accept?
A. $5,000 B. $6,000 C. $7,000 D. $8,000