People who are in the process of changing jobs are counted as
A. frictionally unemployed.
B. underemployed.
C. structurally unemployed.
D. cyclically unemployed.
Ans: A. frictionally unemployed.
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When taxes are levied on transactions, irrespective of the party they are levied on,
a. The government can absorb all the consumer surplus from the transactions as revenue b. The government can absorb all the producer surplus from the transactions as revenue c. The government can absorb some of the surplus, but also creates a social loss since some of the wealth creating transactions are discouraged d. The government can absorb all of the surplus (producer and consumer)
A typical firm in the US economy would be classified as
a. perfectly competitive. b. imperfectly competitive. c. a duopolist. d. an oligopolist.
According to the circular flow diagram, in return for land, labor, capital and entrepreneurial ability, households receive _______________________________.
Fill in the blank(s) with the appropriate word(s).
To combat the undersupply of public goods, a solution is:
A. to change social norms around consumption of the good. B. for the government to step in and provide it directly. C. put a quota on the amount that people can consume. D. to place a quota on the consumption of the good.