Jones lost his job in industry A, but he has skills that can be transferred to industry B (which is currently hiring). Smith lost a job in industry C, but his skills cannot be transferred to industry B or to any other industry. Jones is __________ unemployed and Smith is __________ unemployed
A) structurally; frictionally
B) structurally; structurally
C) frictionally; frictionally
D) frictionally; structurally
D
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The fact that output gaps will not last indefinitely, but will be closed by rising or falling inflation is the economy's:
A. income-expenditure multiplier. B. self-correcting property. C. short-run equilibrium property. D. long-run equilibrium property.
What is the aggregate demand curve and what does it represent?
What will be an ideal response?
Why isn't the level of personal income always a good measure of the distribution of goods and services?
What will be an ideal response?
Which of the following hypotheses is a plausible explanation for why U.S. households save so little?
A. Government assistance to low-income U.S. households has increased the demonstration effects on spending by the poor. B. Most American already own homes and, therefore, have less need for life-cycle saving. C. The highly developed financial markets in the U.S. have reduced the need for precautionary saving by Americans. D. Government assistance to the elderly has reduced the need for life-cycling saving.