Working as an elevator operator used to be a common job in the workforce four decades ago, but today few jobs remain. The unemployment created by the introduction of automatic elevators would be considered:
a. Structural
b. Frictional
c. Cyclical
d. Wait
a. Structural
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At the current level of output, the marginal social cost of sandwiches exceeds the marginal social benefit of sandwiches. Compared to the allocatively efficient quantity we are producing too ________ sandwiches and too ________ of other goods
A) many; little B) many; much C) few; little D) few; much
The economy has gone into a recession. You have majored in computer science and, because of the recession, have difficulty in finding a job. Should you go back to school and get a second major?
A) No, the recession will have no impact on my ability to get a job or my future income. B) Yes, the recession will lower income in my field permanently. C) No, the recession will most likely be short-lived and I can get a job after it is over. D) Yes, the recession will ensure that you will never find a job as a programmer.
A current account deficit is matched by a financial account surplus
a. True b. False Indicate whether the statement is true or false
After the price of Revlon nail polish increased, Jen stopped buying Revlon nail polish and started buying a cheaper brand of nail polish instead. This is called:
A. the income effect of a price change. B. a decrease in the seller's reservation price. C. a decrease in the buyer's reservation price. D. the substitution effect of a price change.