Harold was laid off from his job as a circus clown because an economic recession caused demand for tickets to the circus to dramatically decline. Harold would best be described as ________ unemployed
A) frictionally
B) structurally
C) cyclically
D) naturally
C
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The laws of supply and demand did not apply to elephant tusks
a. True b. False Indicate whether the statement is true or false
Katherine gives piano lessons for $15 per hour. She also grows flowers, which she arranges and sells at the local farmer's market. One day she spends 5 hours planting $50 worth of seeds in her garden. Once the seeds have grown into flowers, she can sell them for $150 at the farmer's market. Katherine's accounting profits are
a. $100, and her economic profits are $25. b. $100, and her economic profits are $75. c. $25, and her economic profits are $100. d. $75, and her economic profits are $125.
Twin studies are helpful in producing an unbiased estimate of the returns to schooling, because twins are likely to
A. work in the same occupation. B. earn comparable wages. C. work in the same industry. D. achieve the same amount of education. E. have similar abilities.
The self-correcting tendency of the economy means that rising inflation eventually eliminates:
A. unemployment. B. exogenous spending. C. recessionary gaps. D. expansionary gaps.