A reduction in the demand for labor caused by changes in technology, taxes, and competition is called:
a. seasonal unemployment.
b. frictional unemployment.
c. structural unemployment.
d. cyclical unemployment.
c
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The marginal propensity to consume (MPC) is the
A. percentage by which disposable income increases when consumption increases by 1%. B. percentage by which consumption increases when disposable income increases by 1%. C. amount by which disposable income increases when consumption increases by $1. D. amount by which consumption increases when disposable income increases by $1.
Steven lives in a big city where there is a shortage of parking. He has a parking spot in his driveway where he parks his car. Which of the following statements is most correct?
A) The opportunity cost of using the spot is zero, because Steven owns the house. B) Steven has a lower opportunity cost of owning a car than his neighbor, who must rent a parking spot. C) The opportunity cost of using the parking spot is the price he could charge someone else for using the spot. D) The opportunity cost depends on how much Steven's mortgage payment is.
According to this Application, during the late 1980s, Argentina pegged its currency to the U.S. dollar. After 1995, the U.S. dollar appreciated sharply on world markets. Since the Argentinean peso was pegged to the U.S
dollar, the appreciation of the dollar essentially caused A) the peso to appreciate relative to the dollar, but depreciate on world markets. B) a sharp devaluation of the dollar relative to the peso. C) a severe revaluation of the peso relative to the dollar. D) the peso to also appreciate sharply on world markets.
When something is indexed:
A. its value is automatically adjusted in proportion to the cost of living. B. its real value is converted into nominal terms for comparison. C. it is expressed as nominal value multiplied by price index. D. its relative rank in consumption items is compensated for relative to its cost.