Answer the following statement(s) true (T) or false (F)
1. A job loser is a person who quits his or her job.
2. Frictional unemployment is a persistent problem for the U.S. economy.
3. It is possible for the number of unemployed workers in an economy to equal the
number of job vacancies.
4. Certain types of unemployment are unavoidable.
5. The natural rate of unemployment occurs when the economy is functioning at
optimum levels.
1. FALSE
2. FALSE
3. TRUE
4. TRUE
5. FALSE
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The smaller the MPC the ________ the expenditure multiplier and the ________ the effect of a change in expenditure on equilibrium output.
A. larger; smaller B. larger; larger C. smaller; smaller D. smaller; larger
An assumption used in the quantity theory of money is that
A) velocity is constant. B) the money supply is constant. C) nominal Gross Domestic Product (GDP) is constant. D) the price level is constant.
Which of the following examples reflects product differentiation?
a. When Kerem buys ibuprofen, he always buys the same brand even though all brands use the same formula. b. Maria has to buy Happy Cow yogurt because it is the only organic yogurt a nearby store carries. c. When someone asks Lucas what brand of milk he buys, he can’t remember the name. d. Aisha has difficulty deciding what brand of lipstick to buy because they all seem so similar.
A legal limit on the quantity of a good that may be imported is called a(n) ________.
A. trade limit B. import tax C. quota D. tariff