Frictional unemployment is inevitable because
a. sectoral shifts are always happening.
b. there is a federal minimum-wage law in the U.S.
c. some people do not want to be employed.
d. unions are very popular in the U.S.
a
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Private investment as a share of the economy tends to be higher in countries
a. with low levels of economic freedom. b. with high levels of economic freedom. c. with economic freedom ratings near zero. d. that have experienced a sharp reduction in economic freedom during the most recent decade.
This year an economy produced 3,700 coats, 3,000 shoes and 2,000 socks. The price of coats was €50, the price of socks was €3.50 and the price of shoes was €70. In the base year, prices were 10% lower. Nominal GDP was:
(a) €361,800; (b) €402,000; (c) €420,000; (d) Cannot be computed.
Chronic budget deficits can be attributed to:
A. unfunded liabilities. B. voters wanting government programs but not wanting to pay taxes. C. inappropriate monetary policy. D. state budget laws.
Recall the Application regarding the elasticity of demand for public transit varying over time to answer the following question(s).According to the Application, the demand for public transit is in the short run is ________, so a 10 percent increase in the transit fare will decrease ridership by ________.
A. 0.40; 4 percent B. 0.60; 6 percent C. 0.50; 5 percent D. 0.7; 7 percent