Which of the following people would be classified as fictionally unemployed?
a. Computer programmers who lost their jobs because of a recession.
b. Construction workers who are on temporary layoff.
c. Elementary school teachers who do not have summer jobs.
d. Textile workers who lost their jobs because of new foreign competition.
b
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Auto workers laid off from Hot-Rod Autoworks as the result of a recession are considered
A) seasonally unemployed. B) frictionally unemployed. C) structurally unemployed. D) cyclically unemployed.
Suppose a nation is currently producing at a point inside its production possibilities frontier. We know that
a. the nation is producing beyond its capacity, so inflation will occur. b. the nation is not using all available resources or is using inferior technology or both. c. the nation is producing an efficient combination of goods. d. there will be a large opportunity cost if the nation tries to increase production of any good.
The urban consumers that the CPI is based on includes:
A. retired persons. B. greeters at Walmart. C. bank tellers. D. All of these are included.
Allocative efficiency occurs whenever:
A. consumer surplus is maximized. B. it is impossible to produce a net benefit for society by changing the combination of goods and services produced. C. firms have maximized their profits. D. it is impossible to make someone in society better off without making someone else worse off.