Cyclical unemployment is primarily caused by:
A. a large proportion of youthful workers in the labor force.
B. fluctuations in aggregate demand.
C. a lack of training on the part of job seekers.
D. the failure of job seekers to search adequately for the available jobs.
Answer: B
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If shoes rise in price, the demand curve for shoes ________ and the quantity of shoes demanded ________
A) shifts leftward; decreases B) shifts leftward; does not change C) does not shift; decreases D) does not shift; does not change
The potential for redistribution cannot be exaggerated
Indicate whether the statement is true or false
According to the circular flow of income and output, saving causes
A) total output to fall. B) consumption expenditures and total output to fall. C) consumption expenditures to fall short of total output. D) investment spending to fall.
If 50 units are sold at a price of $20 and 80 units are sold at a price of $15, what is the absolute value of the price elasticity of demand? Use the midpoint formula
A) 0.17 B) 0.62 C) 1.62 D) 5