List and define the three types of unemployment
What will be an ideal response?
The three types are frictional, structural and cyclical. Frictional unemployment is defined as the normal turnover in the labor market of workers entering and leaving the work force. Structural unemployment is caused by technological change or international competition that causes jobs to disappear. Cyclical unemployment is caused by business cycle fluctuations that change the unemployment rate.
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According to the model of a deposit-refund system
a. the deposit paid captures the MSC of improper waste disposal (MSCIW) b. the refund represents the MPB of improper waste disposal (MPBIW) c. if the deposit is set equal to the MECIW at the competitive equilibrium,the efficient outcome is achieved d. the deposit converts the excess amount of illegal waste disposal to legal waste disposal e. none of the above
Which of the following is reflected in the gross domestic product (GDP)?
a. The value of leisure time b. The value of illegal goods and services c. The value of final goods produced by firms d. The cost of depletion of natural resources e. The value of house maintenance performed by homeowners
Lack of well-defined ____ may cause market failures
a. fiscal policies b. public transportation systems c. private property rights d. interest rates e. monetary policies
John is able to take out a loan for $1,000 for one year at an annual interest rate of 10 percent. After calculating his return to be $200, John will:
A. make money on net, and should take out the loan. B. not make money on net, and should not take out the loan. C. not make money on net, and should take out the loan. D. make money on net, and should not take out the loan.