Workers at a car-manufacturing plant in Flint, Michigan are laid off because the economy is weak and GM cars aren't selling well. GM isn't sure when the plant will reopen. What type of unemployment best describes the workers' situation?
A. Frictional unemployment
B. Full unemployment
C. Cyclical unemployment
D. Structural unemployment
Answer: C
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Explain the following statement: Individuals with different tastes might have the same tastes at the margin at their current consumption bundles.
What will be an ideal response?
Which of the following about public goods is true?
a. Consumption of a public good by one individual reduces the availability of the good for others. b. It is extremely difficult to limit the benefits of a public good to only the people who pay for it. c. Public goods are free to a society when they are produced by the government. d. From an efficiency standpoint, a market will generally supply too much of a public good.
Unemployment that is of a short duration to allow time to find a new job is:
A. structural unemployment. B. cyclical unemployment. C. frictional unemployment. D. durational unemployment.
The following statements are true in the current exchange-rate system, except:
A. Major currencies like U.S. dollar, euro, pounds, and yen operate mostly in a flexible system responding to supply and demand forces B. Some developing nations peg their currencies to the dollar and allow their currencies to fluctuate with it relative to other currencies C. Each country uses its own unique currency; for example, only the U.S. uses the U.S. dollar as its currency D. Some nations peg their currencies to a "basket" or group of other currencies, rather than to a single other currency