Sarah is a full-time student who is not looking for work. What kind of unemployment is Sarah experiencing?
A) cyclical
B) structural
C) frictional
D) Sarah is not experiencing unemployment of any kind, because she is not currently part of the labor force.
Answer: D
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If the demand for a product remains the same and the supply falls,
A) the market clearing price will fall and the equilibrium quantity will rise. B) the market clearing price will rise and the equilibrium quantity will fall. C) both the market clearing price and the equilibrium quantity will fall. D) both the market clearing price and the equilibrium quantity will rise.
The reason for the multiplier effect is that
a. businesses make decisions about investment projects based on anticipated profits. b. one person's additional expenditure creates a new source of income for another person, and this additional income leads to still more spending. c. changes in government spending typically deepen recessions and exacerbate inflationary conditions in the economy. d. additional spending lowers the rate of interest and leads to further borrowing and spending.
The economy is in long-run equilibrium when there is a correctly anticipated increase in aggregate demand. According to new classical theory, the price level will __________ and Real GDP will __________
A) fall; rise B) rise; fall C) fall; remain unchanged D) rise; remain unchanged E) remain unchanged; remain unchanged
Both tariffs and quotas will restrict supplies coming into the country from abroad.
Answer the following statement true (T) or false (F)