Suppose many college faculty members lose their jobs because universities begin to rely more heavily on computerized instruction. The dismissed teachers are appropriately called
A. fully employed.
B. discouraged workers.
C. structurally unemployed.
D. cyclically unemployed.
C. structurally unemployed.
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As the price of good X increases, the budget line
a. makes a parallel shift outward. b. makes a parallel shift inward. c. pivots inward. d. pivots outward.
Economists estimated that the cross-price elasticity of demand for beer and wine is -0.83 and the income elasticity of wine is 5.03. This means that
A) beer and wine are substitutes and wine is a luxury good. B) beer and wine are substitutes and wine is an inferior good. C) beer and wine are complements and wine is a luxury good. D) beer and wine are complements and wine is an inferior good.
For small investors, the best way to pursue a "buy and hold" strategy is to
A) buy and sell individual stocks frequently. B) buy no-load mutual funds with high management fees. C) buy no-load mutual funds with low management fees. D) buy load mutual funds.
Frictional unemployment:
A. refers to unemployment caused by friction between labor and management. B. refers mainly to unemployment resulting from fluctuations in output. C. comes from people entering the labor force and changing jobs. D. is undesirable and should be eliminated at all costs.