Unemployment that results from fundamental technological changes in production, or from the substitution of new goods for customary ones, is
a. the natural rate of unemployment
b. not counted as detracting from full employment
c. cyclical unemployment
d. frictional unemployment
e. structural unemployment
E
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Starting from long-run equilibrium, a large tax increase will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. recessionary; lower; potential B. expansionary; lower; potential C. expansionary; higher; potential D. recessionary; lower; lower
The opportunity cost to the firm of producing one more unit of output is also called marginal cost
Indicate whether the statement is true or false
Which of the following are not subsets of the ability-to-pay principle?
a. horizontal equity b. vertical equity c. diagonal equity d. beneficial equity
A deadweight loss:
A. can be large in a perfectly competitive market. B. is a reduction in aggregate surplus below its maximum possible value. C. is independent the amount produced and consumed. D. is equal to the difference between total willingness to pay and the total avoidable cost of production.