Cyclical unemployment
a. is short-term joblessness experienced by those who are between jobs
b. is joblessness created by a mismatch between available jobs and workers' skills
c. is joblessness related to regular seasonal events such as holidays or weather changes
d. is joblessness caused entirely by microeconomic forces
e. does not exist when the economy is at full employment
E
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People come to expect that the price of a gallon of gasoline will rise next week. As a result,
A) today's demand for gasoline and today's supply of gasoline do not change. B) next week's supply of gasoline decreases. C) the price of a gallon of gasoline falls today. D) today's supply of gasoline increases. E) today's demand for gasoline increases.
Suppose that all firms in a constant-cost industry have the following long-run cost curve:
c(q) = 4q2 + 100q + 100 The demand in this market is given by QD = 1280 - 2p. Suppose the number of firms in the market is restricted to 80 a. Derive the supply curve with this restriction. Find the market equilibrium price and quantity with the restriction. b. If firms are allowed to buy and sell these permits in an open market, what will be the rental price of permits? Will firm's that own permits make profit? Briefly explain. c. How much deadweight loss is generated by the permit system? Provide a graph showing the region of this deadweight loss. d. Suppose the government abandons the permit system and simply imposes a fixed fee on firms in the market. If the fee is set equal to the permit price you found in c., what will be the equilibrium price, quantity, number of firms and deadweight loss?
Which of the following is the best example of a health-care service with a large public good component?
a. a hair-growing treatment provided to a twenty-five year-old single man b. heart bypass surgery provided to an employee and paid for by employer-funded insurance c. a vaccine that reduces the incidence of a communicable disease d. a hip replacement provided to a senior citizen
Suppose that dental hygienists are unionized in the eastern region of the country but not in the western region. If the unionized workers in the eastern region abolished their unions, employment
a. and wages of dental hygienists in the eastern region would rise. b. of dental hygienists in the eastern region would rise, but wages of dental hygienists in the eastern region would fall. c. and wages of dental hygienists in the eastern region would fall. d. of dental hygienists in the eastern region would fall, but wages of dental hygienists in the eastern region would rise.