Renee plans to graduate and enter the job market in the spring. Economists are forecasting a recession during the spring. As a result, she
a. is happy because unemployment rates are low during a recession
b. is happy because salaries are usually higher during a recession
c. does not care because the availability of jobs is not affected by whether there is a recession
d. is unhappy because it is generally difficult to find a job during a recession
e. favors increasing taxes to help head off the recession
D
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Income in the form of goods and services is
A) known as money income. B) known as income in kind. C) not considered income by economists. D) not part of wealth.
A person who has given up searching for work is called:
a. frictionally unemployed. b. structurally unemployed. c. a discouraged worker. d. unemployed.
If a firm goes out of business, what happens to the firm’s assets and workers?
A. The assets and workers become available for use by other firms in potentially more productive ways. B. The assets and talents of the employees are lost permanently. C. The assets and talents of the workers must remain with the firm owners D. The assets and workers become available for use by other firms, but only for less productive purposes.
Which of the following is not a characteristic of a perfectly competitive market?
a. Firms are price takers. b. Firms have difficulty entering the market. c. There are many sellers in the market. d. Goods offered for sale are largely the same.