Which type of unemployment arises when changes in technology or international competition change the skills needed to perform jobs or change the location of jobs?
A) frictional B) structural C) cyclical D) skill-set E) fluctuating
B
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The potential for a financial breakdown at one financial institution to spread throughout the financial system is known as a
A) lending risk. B) systemic risk. C) moral hazard. D) liquidity risk.
In the above figure of a monopolistically competitive firm, the area of economic profit is
A) ADB. B) ABC. C) P2AD P4. D) P2FEP5.
Imposing a unit excise tax on the final sale of a good or service can be displayed graphically as
A) a vertical shift upward of the demand curve. B) a vertical shift upward of the supply curve. C) a vertical shift downward of the demand curve. D) a vertical shift downward of the supply curve.
Which of the following is a normative statement?
a. A decrease in price leads to an increase in quantity consumed. b. Incomes grow more rapidly in high-tax states than low-tax states. c. People would be better off if government expenditures were higher. d. People will buy less butter at $1.50 per pound than they will at $1 per pound.