Richard loses his job at the railroad due to a downturn in general business conditions. He is experiencing
a. structural unemployment.
b. cyclical unemployment.
c. seasonal unemployment.
d. frictional unemployment.
b
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Refer to the above figure. Line EBD is called
A) the saving function. B) the consumption function. C) the 45-degree line. D) aggregate demand.
At one point along a PPF, 50 tons of coffee and 100 tons of bananas are produced. At another point along the same PPF, 30 tons of coffee and 140 tons of bananas are produced. The opportunity cost of a ton of coffee between these points is
A) 7/5 of a ton of bananas per ton of coffee. B) 1/2 of a ton of bananas per ton of coffee. C) 5/7 of a ton of bananas per ton of coffee. D) 2 tons of bananas per ton of coffee.
Refer to Table 8-6. Consider the table of production and price statistics for a small economy in 2013. If the economy only produces the four goods listed below, what is GDP for 2013?
A) $428,000 B) $267,000 C) $24,000 D) $1,424
The demand for labor is likely to increase when
a. the supply of the good it produces falls b. the demand for the good it produces rises c. the supply of the good it produces rises d. the demand for the good it produces falls e. the real wage rate rises