When workers are unemployed due to a mismatch between their skills and the jobs available, economists call this
a. cyclical unemployment.
b. frictional unemployment.
c. structural unemployment.
d. transitional unemployment.
C
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High inflation can do which of the following?
A) increase shoeleather costs B) distort consumption choices C) arbitrarily redistribute income D) all of the above
With perfect price discrimination, the quantity of output produced by a monopoly is ________ the quantity produced by a perfectly competitive industry
A) greater than but not equal to B) less than C) equal to but not greater than D) not comparable to E) either greater than or equal to
Innovative firms face competition much more quickly than they did one hundred years ago
a. True b. False Indicate whether the statement is true or false
In 2010, the imaginary nation of Bovina had a population of 5,000 and real GDP of 500,000 . In 2011 it had a population of 5,100 and real GDP of 520,200 . During 2011 real GDP per person in Bovina grew by
a. 2 percent, which is high compared to average U.S. growth over the last one-hundred years. b. 2 percent, which is about the same as average U.S. growth over the last one-hundred years. c. 4 percent, which is high compared to average U.S. growth over the last one-hundred years. d. 4 percent, which is about the same as average U.S. growth over the last one-hundred years.