Which type of unemployment is the most difficult to cure?
a. functional
b. seasonal
c. cyclical
d. structural
d. structural
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Production possibilities frontiers usually curve out and away from the origin. The implication is
A) that as resources are used to produce one good, fewer resources are available to produce another good. B) that the opportunity cost of producing a good goes down as more of that good is produced. C) technological change is present. D) that the opportunity cost of producing a good stays the same regardless of how much of that good is produced. E) some resources are better at producing one good while other resources are better at producing alternative goods.
In one-input models, all technologically efficient production plans are economically efficient and vice versa.
Answer the following statement true (T) or false (F)
Suppose the U.S. Congress is successful in enacting tariffs large enough to eliminate the current account deficit. What would happen to the level of domestic investment?
A) It would not change. B) It would fall to a level equal to national saving. C) It would rise and exceed national saving. D) It would rise to a level equal to net foreign investment.
Which of the following is FALSE about firms organized along functional lines?
a. Workers develop functional expertise b. Workers find it difficult to share information within their division c. They foster the exploitation of economies of scale d. None of the above