A general mismatch between the skills of unemployed workers and the skills needed by employers with job openings results in:
a. frictional unemployment.
b. structural unemployment.
c. cyclical unemployment.
d. a higher labor force participation rate.
b
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Which question is an illustration of a microeconomic question?
A. Is the purchasing power of the dollar higher or lower today than it was in 2008? B. Does government spending influence interest rates in the economy? C. Is the volume of wine produced in 1 year dependent on the price of wine? D. Does a government deficit reduce national economic growth?
"Diseconomies of scale" occur in
A) the long run, but not the short run. B) the short run, but not the long run. C) both the short run and the long run. D) neither the short run nor the long run.
The market for eyeglasses is monopolistically competitive. It follows that firms in the eyeglass industry: a. could earn economic profit in long-run equilibrium
b. could earn economic profit in short-run equilibrium. c. charge a price equal to marginal cost. d. charge a price equal to the minimum average total cost.
In the long run
A. all inputs are variable. B. all intermediate goods are fixed. C. only capital inputs are fixed. D. all inputs are fixed.