Frictional unemployment always exists because
A) some workers quit their jobs without having another job already lined up.
B) the government has never instituted full employment policies.
C) workers are lazy and refuse to accept certain jobs.
D) recessions are necessary sometimes to keep the economy healthy.
A
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In the absence of a financial system, the two-period model without taxes predicts that
A) consumption is more volatile that output. B) consumption is as volatile as output. C) consumption is less volatile than output. D) We do not know.
Psychological research shows that choices that involve ___________ are likely to turn out worse than those involving __________.
A. complicated information; simple information B. simple information; complicated information C. low payoffs; high payoffs D. high payoffs; low payoffs
Figure 17.2 depicts a firm's marginal revenue product curve. If the marginal product of the second worker is 10 units of output, what is the price of output?
A. $3 B. $4 C. $5 D. $6
The GDP gap measures the amount by which:
A. Nominal GDP exceeds real GDP B. Actual GDP exceeds equilibrium GDP C. Potential GDP exceeds actual GDP D. Actual GDP exceeds national income