Kevin has lost his job in an automobile plant because of the use of robots for welding on the assembly line. Kevin plans to go to technical school to learn how to repair microcomputers. The type of unemployment Kevin is faced with is:
A. cyclical.
B. natural.
C. structural.
D. frictional.
Answer: C
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Shaniq consumes only magazine and CDs. Her income equals $60 per month. CDs are $12 each and magazines are $5 each. What is the equation for her budget line?
A) $60 = Qm + QCD B) $60 = $12Qm + $5QCD C) 12 = -2Qm + 6 D) $60 = 12QCD + 5Qm
When consumers' incomes increased 6 percent, the quantity of wine bought increased 12 percent. This result means
A) wine is a luxury. B) the demand for wine is income inelastic. C) wine is a necessity. D) wine is an inferior good.
The four-firm concentration ratio for the market depicted in Table 8.1 is:
A. 10%. B. 40%. C. 82%. D. 92%.
As you move down the production possibility frontier, the absolute value of the marginal rate of transformation
A. increases. B. initially decreases, then increases. C. decreases. D. initially increases, then decreases.