When there's a shortage in the number of jobs available when teenagers look for summer jobs, the type of unemployment that arises is called
A. Frictional unemployment.
B. Seasonal unemployment.
C. Structural unemployment.
D. Cyclical unemployment.
Answer: B
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"Gasoline purchases were up 10% last week, even though gasoline prices were 6 cents higher than the week before! You see, the law of demand does not hold for gasoline!" What is being misunderstood in the above statement?
A) Nothing at all. B) It implies the demand curve for gasoline is vertical. C) It fails to recognize that the demand curve has shifted to the right. D) It fails to hold constant all the other factors that influence demand.
In an unregulated, competitive market, less than the efficient quantity of education is produced and consumed because
A) the decisions to produce and consume education are based on marginal private costs and marginal private benefits. B) the decisions to produce and consume education are based on marginal social costs and marginal social benefits. C) the decisions to produce and consume education are based on marginal private benefits and marginal social costs. D) marginal private costs are consistently greater than marginal private benefits.
The nation, as a whole, is hurt by inflation if it:
a. Is unexpected. b. Is expected. c. Reduces productivity. d. Rises at a rate that is greater than real GDP. e. All the above are true.
The Bureau of Labor Statistics' "unemployed" category includes those who were not employed, were available for work, and had tried to find employment during the previous four weeks
a. True b. False Indicate whether the statement is true or false