Cyclical unemployment is primarily caused by:
a. a large proportion of youthful workers in the labor force.
b. fluctuations in aggregate demand.
c. a lack of training on the part of job seekers.
d. the failure of job seekers to search adequately for the available jobs.
b
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The switch to the use of ethanol in gasoline is driven primarily by its relatively lower price. Assuming a competitive market, what effect would this change have on the equilibrium price and output for gasoline?
A) Price rises, output falls. B) Price falls, output rises. C) Price rises, output rises. D) Price falls, output falls.
Which of the following explains why higher prices in the goods and services market will lead to an upward sloping short-run aggregate supply curve?
a. The higher prices will temporarily improve profit margins because many of the cost components of firms will be fixed in the short run. b. The higher prices will reduce the purchasing power of the fixed quantity of money and, thereby, stimulate additional output. c. The higher prices will expand the economy's resource base and, thereby, stimulate additional output. d. The higher prices will improve technology and, thereby, stimulate additional output.
Which of the following was primarily responsible for establishing the euro?
A) Lisbon Treaty B) Treaty of Maastricht C) European Finance Act D) Single European Act
Refer to the graph shown. If a firm expected to produce 300 units when it built its plant but now desires to expand its output to 500 units in the short run, it will use the plant size represented by:
A. SATC1. B. SATC2. C. SATC3. D. SATC4.