Government re-training programs, such as those that train workers who have lost their jobs due to outdated skills, would best fight the problem of
a. frictional unemployment
b. cyclical unemployment
c. structural unemployment
d. underemployment
e. seasonal unemployment
C
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Real GDP is the dollar value of all goods and services produced in an economy.
Answer the following statement true (T) or false (F)
Discuss some of the changes in the organization of the economic systems of countries transitioning from communism to capitalism. How does this type of market reform increase economic efficiency?
What will be an ideal response?
Which of the following is a major implication of the invisible hand concept?
a. When directed by competitive market prices, the actions of self-interested individuals will tend to promote overall economic prosperity. b. Prosperity cannot be achieved unless the selfish nature of people can be changed. c. Competition is harmful to the health of an economy because it results in wasteful duplication. d. Government-operated firms tend to have higher efficiency and lower costs than private sector firms.
Trade restrictions can prevent purchasing power parity from holding because:
A. they can add costs to the selling price because they add to the seller's cost. B. the time and energy of importation paperwork can add to the cost of the good sold. C. tariffs can add to the cost of the good sold. D. All of these statements are true.