A person whose skills do not match available job openings is considered frictionally unemployed
a. True
b. False
Indicate whether the statement is true or false
False
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Which of the following events does NOT occur when market demand shifts leftward in an increasing-cost industry?
A) Initially, the output produced by existing firms declines along the short-run market supply curve. B) The market price declines below the minimum LAC due to the short-run supply response. C) The market supply curve shifts leftward as some firms exit the market when the market price is below the minimum LAC. D) As firms exit, the market price rises and attracts other firms to enter the market. E) The LAC curve shifts downward as output falls.
In 1791, Alexander Hamilton suggested
a. the abolishment of all state-chartered banks b. the creation of open market operations c. the creation of a nationally chartered bank d. the abolition of the money supply e. creative accounting to deny Revolutionary debt
When a good is taxed,
a. both buyers and sellers of the good are made worse off. b. only buyers are made worse off, because they ultimately bear the burden of the tax. c. only sellers are made worse off, because they ultimately bear the burden of the tax. d. neither buyers nor sellers are made worse off, since tax revenue is used to provide goods and services that would otherwise not be provided in a market economy.
Congressman Smith and Congresswoman Johnson both consider themselves advocates for the national parks and are introducing different bills designed to benefit the parks. Congressman Smith's bill calls for an increase in the entrance fees. Congresswoman Johnson's bill calls for a decrease in the entrance fees. Which of the bills would be more effective at ensuring the quality of the national parks?
a. Congressman Smith's bill because it will reduce the overuse of the parks b. Congresswoman Johnson's bill because more visitors means more citizens will value and care for the parks c. Both bills would be equally effective. d. Neither bill would be effective.