Many economists would argue that some frictional unemployment
A) creates massive economic disruptions and should be eliminated as quickly as feasible.
B) should be eliminated whatever the cost.
C) no longer exists because increased unemployment benefits have generally solved this problem.
D) cannot and probably should not be eliminated.
D
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When a firm increases output and the costs rise disproportionately slower, then the long-run average cost curve is __________ and the firm is experiencing __________ .
A) upward sloping; diseconomies of scale
B) downward sloping; constant returns to scale
C) downward sloping; economies of scale
D) horizontal; constant returns to scale
What is the name of the organization that defines business cycle peaks and troughs in the United States?
A) the National Bureau of Economic Research B) the National Peak and Trough Committee C) the Bureau of Labor Statistics D) the Federal Reserve
Which of these is not a beneficial supply shock?
What will be an ideal response?
The demand for LED TVs increases. As a result
A) the wage rate in the LED TV industry increases and the quantity demanded of workers increases. B) the wage rate in the LED TV industry increases and the quantity supplied of workers increases. C) the demand for labor increases and the supply of labor also increases, leaving wages unchanged. D) the demand for labor increases, but since the supply curve of labor is perfectly elastic, the wage rate does not change.