The difference between the number of workers employed if the economy was operating at full employment and the number of workers currently employed given aggregate expenditures is known as
a. cyclical unemployment
b. frictional unemployment
c. structural unemployment
d. unemployment is not possible in the short run macro model
e. urban unemployment
A
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If a 1 percent change in income generates a greater than 1 percent change in quantity demanded of boating expenditures, then boating is an:
a. example of Engel's law. b. inferior good. c. income inelastic good. d. income elastic good. e. example of a substitute good.
In December of 2007, with an unemployment rate of 5.0 percent, most economists believed this was above the natural rate
a. True b. False Indicate whether the statement is true or false
In the market for labor, the demand function describes
A. the output of workers who are paid a given wage. B. the demand for the firm's output. C. the number of workers who are willing to work at each wage. D. the number of workers a firm is willing to hire at each wage.
Recall the Application about the manufacture of fake killer whales used to scare sea lions off the Washington coast to answer the following question(s).Recall the Application. If a fake killer whale to be used to scare sea lions away from steelhead and other threatened and commercially valuable species cost $11,000 for the mold and $5,000 for materials for each fake killer whale made, then the variable cost of producing a fake killer whale is:
A. $5,000. B. $16,000. C. $11,000. D. $21,000.