Which of the following offers an example of frictional unemployment?
a. The rise in unemployment for stable workers after the development of gasoline-powered automobiles and the resulting long-tern decline in horse-and-buggy transportation.
b. The rise in unemployment among farm workers after harvest.
c. Unemployment resulting from the business cycle.
d. None of the above are correct.
b
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Decrease in personal income taxes will ________ the expenditure curve:
A) decrease. B) increase. C) not change. D) none of the above.
If the intended aim of the price floor set in the graph shown was a net increase in the well-being of producers, then positive analysis would have us consider:
A. whether the surplus transferred from producers to consumers is larger than the consumer surplus lost to deadweight loss.
B. whether the surplus transferred from consumers to producers is larger than the consumer surplus lost to deadweight loss.
C. whether the producer surplus lost to deadweight loss is greater than the producer surplus gained from a higher price.
D. whether the producer surplus lost due to lower prices is greater than the producer surplus lost due to fewer transactions taking place.
The opportunity cost of an option
a. measures the undesirable aspects of the option. b. includes only the monetary cost of the option. c. is the highest-valued alternative that must be given up as the result of choosing the option. d. is objective, and it will be the same for all individuals.
Refer to Figure 5.7. Which diagram best represents an income-consumption curve where bread is an inferior good?
A. A
B. B
C. C
D. D