Cyclical unemployment is:
A. long-term and chronic unemployment that exists even when the economy is producing at a normal rate.
B. the extra unemployment that occurs during periods of recession.
C. short-term unemployment that is associated with the process of matching workers with jobs.
D. the additional unemployment not captured in official statistics resulting from discouraged workers and involuntary part-time workers.
Answer: B
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The interest rate effect on aggregate demand indicates that a(n) ________.
A. decrease in the price level will decrease the demand for money, decrease interest rates, and increase consumption and investment spending B. increase in the supply of money will increase interest rates and decrease interest-sensitive consumption and investment spending C. increase in the price level will decrease the demand for money, reduce interest rates, and decrease consumption and investment spending D. decrease in the price level will increase the demand for money, increase interest rates, and decrease consumption and investment spending
Refer to Figure 12-4. If the market price is $30 and the firm is producing output, what is the amount of the firm's profit or loss?
A) loss of $1,080 B) loss of $2,520 C) profit of $1,440 D) profit of $1,300
It is argued that the United States would be foolish to maintain a free-trade stance in a world in which all other countries exploit child or prisoner labor, or are protectionist
On the other hand, Ricardo's classic demonstration of the sources and effects of comparative advantage cogently demonstrates that regardless of other country policy, free trade remains the first best policy for a country to follow, since it will maximize its consumption possibilities (conditional upon other country policies). Explain. Discuss the contradiction with the argument in the preceding paragraph.
Jim, a U.S. citizen, works only in Croatia. The value added to production from his employment is:
A) included in only Croatian GNP. B) included only in U.S. GDP. C) included only in U.S. GNP. D) not included in either U.S. GDP or U.S. GNP.