In an economic expansion, people used their charge cards to purchase many goods. Now the economy is in a recession and people must use much of their reduced incomes to pay back debts. If employees manufacturing the goods people used to buy are laid off, they will suffer from:
a. cyclical unemployment.
b. structural unemployment.
c. permanent unemployment.
d. frictional unemployment.
e. underemployment.
a
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Given the information in the figure above, Liz ________ benefit from trade with Joe because ________
A) can; each of them has a comparative advantage in one of the goods B) can; each of them has an absolute advantage in one of the goods C) cannot; she has an absolute advantage in both goods D) cannot; she has a comparative advantage in both goods E) can; Joe is more productive in producing one of the goods
Social insurance has become an increasingly large portion of federal taxes because of the "Baby Boomer" generation.
A. True B. False C. Uncertain
When total product is increasing at an increasing rate, marginal product is
A. constant. B. positive and increasing. C. positive and decreasing. D. negative.
The slippage between output and the unemployment rate occurs because the unemployment rate is calculated from data on
A. the number of people employed. B. the number of jobs. C. the number of people who do not want to work. D. the civilian adult population.