Unemployment caused by the normal search time required by workers with marketable skills who are changing jobs, those initially entering the labor force, or those re-entering the labor force is;
A. Seasonal unemployment
B. Frictional unemployment
C. Correct!Structural unemployment
D. Cyclical unemployment
Answer: B. Frictional unemployment
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In the foreign exchange market, an increase in the world demand for U.S. exports shifts the
A) demand curve for U.S. dollars rightward. B) demand curve for U.S. dollars leftward. C) supply curve for U.S. dollars leftward. D) supply curve for U.S. dollars rightward.
Suppose the price elasticity of supply for coffee is equal to one. 1,400 cups of coffee are supplied when its price is $4.0 per cup. If the price of coffee decreases to $3.60 per cup, its supply will: a. decrease to 1,260 cups
b. increase to 1,540 cups. c. decrease to 1,300 cups. d. remain the same at 1,400 cups.
?19742015Minimum wage per hour$ 2.00$ 7.25Weekly income from minimum wage$80.00$290.00Cost of a standard basket of goods$47.00$236Number of baskets per week1.701.23
Use Table 2.5 above to answer the question. Comparing the minimum wages between 1974 and 2015 addresses the economic concept of:
A. the marginal principle. B. the principle of voluntary exchange. C. the principle of diminishing returns. D. the real-nominal principle.
Hotdogs are very cheap at the grocery store-about $2 for a package of 8, or 25 cents each. At a baseball game they cost $3 each. Use the concept of price elasticity of demand to explain why.
What will be an ideal response?