Describe the three types of unemployment?
What will be an ideal response?
The three types of unemployment are frictional, structural, and cyclical. Frictional unemployment occurs when some people move into and out of the job market or when people are between jobs. Structural unemployment refers to unemployment resulting from changes in the structure of the economy. Cyclical unemployment is unemployment associated with recessions.
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If the share of population employed in two countries is the same, average living standards will be higher in the country with:
A. lower average labor productivity. B. higher average labor productivity. C. the smaller population. D. the larger population.
Which of the following takes place in the direct finance market?
A) Savers make funds available to borrowers by making deposits to savings accounts. B) Borrowers take out loans from banks. C) Loans to corporations are made from the sale of corporate bonds. D) Firms borrow funds from their retained earnings.
Profits can be thought of as
a. the return to enterprise. b. the reward for taking a risk and winning. c. what is left over after all wages, rent, and interest have been paid. d. All of these.
The United States is academically unique in having so many
a. trade schools. b. colleges of arts and sciences. c. business schools. d. fine arts schools.