Which type of unemployment is experienced by a person who is laid off at an office because word processing equipment and software reduce the need for typists?
a. Seasonal.
b. Cyclical.
c. Voluntary.
d. Structural.
e. Frictional.
d
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Assume Claudia's budget constraint is demonstrated by line A in the graph shown. Which of the following would cause Claudia's budget constraint to shift to line C?
A. Claudia's income increased.
B. Claudia's income decreased.
C. Claudia's preferences for these two goods decreased.
D. The prices of both goods have gone down.
Over the past few decades, the US economy has switched from a primarily manufacturing economy to a service economy. Many individuals working in manufacturing position lost their jobs, and many new jobs open up in service. For those who lost jobs in manufacturing this is an example of:
What will be an ideal response?
The National Hockey League locked out the hockey players in an effort to negotiate a salary cap with the players' union. A cap would limit the payroll of each team. League officials acknowledged that the teams have brought the problem on themselves by overspending and overpaying some players in an effort to compete for the best players. Why would the teams have caused this problem for themselves?
A. They tried to create a contestable market and now suffer because there are no barriers to entry. B. They were caught in the logic of the prisoner's dilemma in which each player maximizing his own self-interest leads to an outcome that is worse off for everyone. C. They used explicit collusion instead of implicit collusion. D. They tried to create a cartel and suffered the consequences of too much collusion.
At the equilibrium rate of interest:
A) the quantity of credit demanded falls short of the quantity of credit supplied. B) the quantity of credit demanded equals the quantity of credit supplied. C) the quantity of credit demanded is zero. D) the quantity of credit supplied is zero.