Frictional unemployment occurs because:
A. there are long-term mismatches between workers skills and jobs available.
B. the economy is experiencing a period of unusually low production.
C. structural barriers such as unions and minimum wage laws keep wages too high to clear the labor market.
D. labor markets are heterogeneous and dynamic.
Answer: D
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In national income accounting, the value of worn out or obsolete capital is represented by
A) depreciation. B) transfer payments. C) disposable income. D) dividends.
An exchange rate is
a. the rate at which goods are traded between countries b. the rate of the net difference between exports and imports c. the denomination of currency used to purchase imports d. the price of one currency in terms of another e. the price at which one good trades for another
Suppose Well-Made Pharmaceuticals knows that its newest prescription drug can cause severe side-effects, but it doesn't inform the users of the prescriptions about these side-effects. When the side-effects become public knowledge after an investigation,
A. the demand curve will shift to the right. B. the price will decrease. C. the supply curve will shift to the left. D. the quantity will increase.
Exhibit 4-3 Supply and demand curves
In Exhibit 4-3, an increase in quantity supplied would cause a movement from which equilibrium point to another, other things being equal?
A. E1 to E2. B. E1 to E4. C. E4 to E1. D. E3 to E4.