Cyclical unemployment occurs when a(n):
a. automobile worker is laid off from his job because of a recession
b. ski instructor loses his job after the winter season.
c. typist loses his job as his skills have become obsolete in the current labor market.
d. government employee takes early voluntary retirement.
a
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The above figure shows the market for winter jackets. In an effort to keep the nation warm, the president places a price ceiling of $100 in the market for winter jackets. Which of the following statements is true?
A) After taking account of the resources lost in search, consumer surplus increases when the price ceiling is in place. B) There will be a surplus of jackets. C) Because the price of a jacket is lowered, consumers end up buying more jackets with the price ceiling than without it. D) Producer surplus decreases if there is a price ceiling. E) The quantity supplied of jackets is greater that quantity demanded when there is a price ceiling.
The term "fixed cost" refers to the cost a firm incurs to produce a specific fixed quantity of output
Indicate whether the statement is true or false
Relative to the United States, Europe has
A) higher unemployment. B) slower job growth. C) higher real wage growth. D) A and B. E) all of the above.
If you take investment by U.S. residents in other countries and you subtract investment by foreign residents in the U.S., you will find
a. gross foreign investment b. net foreign investment d. gross domestic product e. negative net foreign investment