Unemployment caused by people voluntarily quitting work in order to seek more attractive employment is called
a. the natural rate of unemployment.
b. full employment.
c. cyclical unemployment.
d. frictional unemployment.
e. structural unemployment.
D
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The marginal product and average product curves
A) never intersect. B) intersect at the maximum point of the marginal product curve. C) intersect at the maximum point of the average product curve. D) do not intersect at any predictable point.
Refer to Figure 17-2. At which point is the unemployment rate equal to the natural rate of unemployment?
A) A B) B C) C D) There is insufficient information on the graph to answer this question.
A legal system that protects private property and enforces contracts in an even-handed manner helps promote economic growth because it
What will be an ideal response?
The Consumer Price Index (CPI) is a
A. statistical measure of average prices using annually updated weights based on surveys of consumer spending. B. price index measuring the changes in prices of all new goods and services produced in the economy. C. statistical measure of a weighted average of prices of a specific set of goods and services purchased by consumers in urban areas. D. statistical measure of a weighted average of prices of commodities that firms produce and sell.