People who are unemployed because of job search are best classified as
a. cyclically unemployed.
b. structurally unemployed.
c. frictionally unemployed.
d. discouraged workers.
c
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China has developed a comparative advantage in the production of children's toys. The source of this comparative advantage is
A) superior process technology. B) a large supply of natural resources. C) a large supply of unskilled workers and relatively little capital. D) investment in capital used to produce toys.
Which of the following statements is true?
a. National income is total income earned by households whereas personal income is total income received by households (including transfer payments). b. Disposable personal income equals personal income minus personal taxes. c. The expenditures approach and the income approach yield the same GDP figure. d. All of these.
According to Baumol and Blinder, from the demand side an increase in the price level causes aggregate expenditures to
a. fall, resulting in a lower level of equilibrium income. b. fall, resulting in a higher level of equilibrium income. c. rise, resulting in a higher level of equilibrium income. d. rise, resulting in a lower level of equilibrium income.
If currency depreciates:
a. net exports rise and the aggregate demand curve shifts inward b. net exports rise and the aggregate demand curve shifts outward c. net exports fall and the aggregate demand curve shifts inward d. net exports fall and the aggregate demand curve shifts outward