The unemployment resulting from wage rigidity and job rationing is called:
A. the natural rate of unemployment.
B. the discouraged-worker effect.
C. structural unemployment.
D. insiders versus outsiders.
Ans: C. structural unemployment.
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Why do most people choose to specialize in a narrow set of skills for their work, rather than to learn a little bit about several varied fields of endeavor?
A) They feel that doing so will minimize their chances of being unemployed. B) They don't correctly perceive the costs of being so specialized. C) It allows them to earn more income by being more productive. D) They are unaware of how much better off they would be if they diversified their skills.
Rent controls and usury laws are price _____.
Fill in the blank(s) with the appropriate word(s).
Which of the following strategies will most likely NOT enhance profits in a Bertrand oligopoly?
A. Two-part pricing B. Randomized pricing C. Price matching D. Brand loyalty
According to the above table, Gross Domestic Product as calculated by the income approach is
A. $14,925 billion. B. $15,619 billion. C. $10,121 billion. D. $10,646 billion.