Unemployment arising from a persistent mismatch between the skills and characteristics of workers and the requirements of jobs is called
A) frictional unemployment.
B) structural unemployment.
C) cyclical unemployment.
D) seasonal unemployment.
Answer: B
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Which statement best describes economic fluctuations?
a. Expansions and contractions typically have about the same lengths. b. Expansions typically last 7 years, while recessions typically last 3 years. c. Expansions tend to be shorter than contractions. d. The percent change in output is larger during recessions than during expansions. e. Expansions and contractions vary in duration and magnitude, with expansions tending to last longer than contractions.
Using time-series data, the demand function for a profit-maximizing monopolist has been estimated asQd = 142,000 - 500P + 6M - 400PRwhere Qd is the amount sold, P is price, M is income, and PR is the price of a related good. The estimated values for M and PR in 2014 are $25,000 and $200, respectively. The short-run marginal cost curve for this firm has been estimated as:MC = 200 - 0.024Q + 0.000006Q2Total fixed cost is forecast to be $500,000 in 2016.What is the average variable cost function?
A. AVC = 200 - 0.048Q + 0.000036Q2 B. AVC = 200 - 0.048Q + 0.000012Q2 C. AVC = 200 - 0.012Q + 0.000018Q2 D. AVC = 200 -0.012Q + 0.000002Q2
Which of the following is not a determinant of the demand sensitivity to price changes?
a. The number of producers in the market. b. The availability of substitute goods. c. Income level. d. Time to adjust.
The slope of a line is:
a) The vertical distance between the two points, divided by the horizontal distance between the two points. b) Sometimes referred to as "run over rise." c) The horizontal distance between the two points, divided by the vertical distance between the two points. d) Always positive.