Frictional unemployment occurs when:
a. a recent graduate is searching for his first job
b. a ski instructor is looking for a part-time job during summer.
c. an engineer is looking for a new job after a recession.
d. a stenographer is looking for a new job as his skills have become obsolete in the current labor market.
a
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Legislating input combinations in a particular industry can bias the decision making of the firm's managers and lead to higher-than-necessary costs of production.
Answer the following statement(s) true (T) or false (F)
How do banks create money?
What will be an ideal response?
When the government fixes its exchange rate
a. it creates an unfavorable balance of trade b. it creates trade surpluses c. it does so to allow the exchange rate to reach equilibrium d. it acts as an arbitrager e. it is not unlike a government policy to control agricultural prices
Economic profit is total revenue less economic costs.
Answer the following statement true (T) or false (F)