Frictional unemployment refers to unemployment that is a result of:
a. a mismatch of skills
b. being out of work 27 weeks or longer.
c. job search.
d. seasonal decreases in demand for labor.
e. a recession in the economy.
c
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Refer to Figure 12-10. At the profit-maximizing output level, the firm earns
A) zero economic profit. B) a profit of $600. C) a profit of $1,200. D) a profit of $2,700.
A tariff imposed on Japanese imports into the United States tends to:
A) penalize U.S. producers and benefit Japanese producers. B) benefit U.S. producers and penalize Japanese producers. C) penalize both U.S. and Japanese producers. D) benefit both U.S. and Japanese producers.
A positive temporary supply side shock will:
A. increase the level of potential output in the long run. B. decrease the price level in the long run. C. increase the price level in the long run. D. have no effect in the long run.
Why does the short-run aggregate supply curve shift to the right in the long run, following a decrease in aggregate demand?
A) Workers and firms adjust their expectations of wages and prices downward and they accept lower wages and prices. B) Workers and firms adjust their expectations of wages and prices downward and they push for higher wages and prices. C) Workers and firms adjust their expectations of wages and prices upward and they push for higher wages and prices. D) Workers and firms adjust their expectations of wages and prices upward and they accept lower wages and prices.