An important source of structural unemployment is
A. people looking for the right job decide to change jobs.
B. recessions.
C. seasonal variations in aggregate demand.
D. unemployment insurance benefits.
Answer: D
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According to the table shown, if Bob is earning $30,000 in the United States and Bill is earning $40,000 in Mexico, what can be said about their standards of living?
This table shows the price-level adjustment as compared to the United States.
A. Bill is earning more in real terms than Bob.
B. Bob is earning more in real terms than Bill.
C. Bob and Bill are earning the same amount in real terms.
D. Bob and Bill are earning the same amount in nominal terms.
The manager of a car manufacturing factory assigns workers different tasks based on their skills. He assigns some workers the task of designing cars and some the task of testing cars. Which of the following is true in this scenario? a. This is an example of specialization of labor
b. This is likely to increase the average cost of producing a car. c. This is likely to decrease the profit of the factory. d. This is likely to lead to the privatization of the factory.
In the above figure, moving from producing 50 guitars and 50 ukuleles to producing 25 guitars and 75 ukuleles, the opportunity cost of one ukulele is
A. 1 guitar. B. 25 ukuleles. C. 75 ukuleles. D. 25 guitars.
Answer the following questions true (T) or false (F)
1. In a free market there are significant restrictions on how a good or service can be produced or sold. 2. A bed of oysters is not an example of a factor of production but the shucked oysters used to make oyster stew are a factor of production. 3. The payment received by suppliers of entrepreneurial skills is called profit.