During recessions
a. workers are laid off.
b. factories are idle.
c. firms may find they are unable to sell all they produce.
d. All of the above are correct.
d
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Structural unemployment is
A) associated with the changing of jobs in a dynamic economy. B) associated with general downturns in the economy. C) associated with changes in technology that change required job skills. D) very short-term unemployment.
Answer the question based on the following price and output data over a five-year period for an economy that produces only one good. Assume that year 2 is the base year.
Refer to the above data. In year 4, nominal GDP would be:
A.
$60
B.
$90
C.
$120
D.
$316
Extrapolative expectations work when prices are rising, but not when prices decline.
Answer the following statement true (T) or false (F)
Advertisers currently spend about $100 million per year to change the demand for products.
Answer the following statement true (T) or false (F)