Unemployment rates for skilled workers compared to unemployment rates for unskilled workers are:
a. Lower, because skilled workers tend to be primarily employed by government at the local, state, and Federal levels
b. Lower, because skilled workers tend to be employed in less cyclically vulnerable industries, such as the services and nondurable goods industries
c. Higher, because businesses are less likely to retain the more costly skilled workers no matter what type of industry
d. Higher, because skilled workers tend to be employed in more cyclically vulnerable industries, such as the durable goods industry
b. Lower, because skilled workers tend to be employed in less cyclically vulnerable industries, such as the services and nondurable goods industries
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In the simple Keynesian model of the determination of income, planned investment is
A) an endogenous parameter. B) autonomous and thus an exogenous parameter. C) explained by the model of income determination. D) None of the above.
When very few substitutes for a good exist, demand will be
A) elastic. B) unit-elastic. C) inelastic. D) perfectly elastic.
A real estate salesperson sells a house in 2015 that was built in 2005. How does this transaction get counted in the GDP statistics?
A. The price of the house and the real estate salesperson’s commission are both included in 2015’s GDP. B. Neither the price of the house nor the commission is included in 2015’s GDP. C. The real estate salesperson’s commission but not the price of the house is included in 2015’s GDP. D. The price of the house would be included in both 2005’s GDP and the GDP for 2015.
Over time in a growing economy, the long run aggregate supply curve will
A) shift inward to the left. B) shift outward to the right. C) become increasingly stee