Give a few examples of how sectoral shifts temporarily cause unemployment
Examples should focus on sectors of the economy and/or regions. If people prefer iPods to Sanyo MP-3 players, Apple could hire employees while Sanyo could lay off workers. If medical researchers discover that people who eat lots of peanut butter have lower incidents of heart disease, employment in the peanut-growing South may increase while employment in California's almond industry may decrease.
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Which of the following is used to explain why a consumer's willingness to buy a cell phone increases as the number of other people who own and use cell phones increases?
A) network externalities B) diminishing marginal utility C) market failure D) the income effect of a price change
By 1900, the leading cotton producing state was
a. Georgia. b. Louisiana. c. Texas. d. Mississippi.
Starting from long-run equilibrium, an increase in autonomous investment results in ________ output in the short run and ________ output in the long run.
A. lower; potential B. higher; higher C. lower; higher D. higher; potential
One reason the luxury tax on yachts imposed by the U.S. Congress in 1991 failed to produce much tax revenue was that the demand for yachts was elastic.
Answer the following statement true (T) or false (F)