In 2014, some European countries were dealing with a recession. Workers who were laid off in those countries due to the economic downturn would be
A. cyclically unemployed.
B. seasonally unemployed.
C. structurally unemployed.
D. frictionally unemployed.
Answer: A
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Which of the following situations is NOT possible?
A) SAC and LAC are both increasing for some output levels. B) SAC is increasing but LAC is decreasing for some output levels. C) SAC is decreasing but LAC is increasing for some output levels. D) SAC and LAC are both decreasing for some output levels. E) All of the above are possible.
The economy is in long-run equilibrium only when the short run aggregate supply curve intersects the aggregate demand curve along the long run aggregate supply curve
a. True b. False Indicate whether the statement is true or false
If a good is nonexcludable,
a. the providing it is Pareto optimal b. people have an incentive to become free riders on that good c. then it is probably also nonrival d. then it is a pure public good e. then it is a pure private good
If the demand for a good increases, the
a. demand for labor producing the good will increase b. demand for labor producing the good will decrease c. marginal labor cost will increase d. marginal labor cost will decrease e. marginal physical product of labor will increase