John is a stockbroker. He has had several job offers, but he has turned them down because he thinks he can find a firm that better matches his tastes and skills. Curtis has looked for work as an accountant for some time. While the demand for accountants does not appear to be falling, there seems to be more people applying than jobs available
a. John and Curtis are both frictionally unemployed.
b. John and Curtis are both structurally unemployed.
c. John is frictionally unemployed, and Curtis is structurally unemployed.
d. John is structurally unemployed, and Curtis is frictionally unemployed.
c
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In the income-expenditure model, at equilibrium GDP
a. either unemployment or inflation may occur. b. inflation can occur but unemployment cannot. c. unemployment can occur but inflation cannot. d. both unemployment and inflation are impossible.
Law of Supply and Demand
What will be an ideal response?
Which of the following is not considered a barrier to entry into a monopoly market?
A. an new product-type is offered. B. ownership of a key resource. C. government intervention. D. having a natural monopoly.
There is no relationship between a country's productivity and its standard of living.
Indicate whether the statement is true or false.