The unemployment rate reported by the Bureau of Labor Statistics includes all of the following type of unemployment with the exception of
A) frictional unemployment.
B) structural unemployment.
C) hidden unemployment.
D) cyclical unemployment.
C
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Consider the demand functions:
A) Qd = 250 - 2P B) Qd = 300 - 3P Which of the demand functions reflects a higher level of consumer incomes? A) A B) B C) A and B reflect the same consumer incomes. D) More information is needed.
Figure 2-3
shows the production possibilities frontier for a music processing plant that can produce both compact disks and cassettes. The opportunity cost of moving from point A to point E is
a.
zero
b.
30 cassettes
c.
180 compact disks
d.
cannot be determined because point E is unattainable under current technology and resources
e.
80 cassettes
What is meant by the term "incentives," and why are they important?
What will be an ideal response?
The natural rate of unemployment:
A. can vary over time and defines the location of the long-run aggregate supply curve. B. is constant over time and defines the location of the long-run aggregate supply curve. C. varies over time in response to changes in aggregate demand. D. is inversely related to the price level.