Unemployment due to the fact that workers have difficulty in the search for appropriate job offers is
A. frictional unemployment.
B. structural unemployment.
C. cyclical unemployment.
D. seasonal unemployment.
Answer: A
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Compared to a situation where transaction costs are zero, the existence of transaction costs
a. will reduce the volume of trade. b. will reduce the gains from trade. c. may lead some buyers and sellers to employ middlemen. d. All of the above are correct.
People basically borrow in order to
A. have more funds. B. go into debt. C. have interest payments. D. have current consumption rather than waiting to consume in the future.
Unintended changes in inventories:
A. cause the economy to move away from the equilibrium GDP. B. are treated as components of consumption. C. bring actual investment and saving into equality only at the equilibrium level of GDP. D. bring actual investment and saving into equality at all levels of GDP.
Left to itself, a natural monopoly will produce
a. nothing b. the efficient level of output c. the quantity at which marginal cost equals marginal revenue d. the quantity at which the marginal cost and demand curves intersect e. the quantity at which the long-run average total cost and demand curves intersect