The impact of _____ unemployment is removed from official monthly unemployment figures
a. cyclical
b. structural
c. seasonal
d. frictional
e. involuntary
c
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When the quantity demanded of a good exceeds the quantity supplied of the good at the prevailing market price, _____.
A) the market will be in equilibrium. B) the price of the good will decrease. C) the price of the good will tend to increase. D) the demand curve will shift rightward until the surplus is eliminated. E) the supply curve will shift leftward until the surplus is eliminated.
Refer to Table 1-2. What is Julius's marginal cost if he decides to stay open for three hours instead of two hours?
A) $0 B) $18 C) $54 D) $65
The oversimplified money multiplier formula, when the required reserve ratio is m, is
a. change in money supply = change in reserves × m. b. change in money supply = (1/m) /change in reserves. c. change in money supply = (1/m) × change in reserves. d. change in money supply = m/change in reserves.
Explain the differences between the two-country, two-commodity model with constant costs of production and the two-country, two-commodity model with increasing costs of production. Adequately describe the production-possibilities curves for each country in each case. Describe free-trade production and the degree of specialization in each country under both cost situations.
What will be an ideal response?