Which of the following types of unemployment is the hardest to reduce?
a. Cyclical unemployment
b. Structural unemployment
c. Voluntary unemployment
d. Frictional unemployment
e. Seasonal unemployment
b
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If the marginal propensity to save is 0.4, then a $2 million increase in disposable income will
A) increase consumption by $5 million. B) decrease consumption by $1.2 million. C) increase consumption by $1.2 million. D) decrease consumption by $5 million.
The various quantities of all final commodities demanded at various price levels, ceteris paribus, is the
A) LRAS. B) production possibilities curve. C) aggregate demand curve. D) aggregate supply curve.
Which of the following would not be a result of replacing the income tax with a consumption tax so that interest income was no longer taxed?
a. The interest rate would decrease. b. Investment would decrease. c. The standard of living would eventually rise. d. The supply of loanable funds would shift right.
Assume the smart watch industry is a perfectly competitive industry that uses a specialized input. If this industry experiences an increase in demand, we might expect that in the long run:
A. neither input nor output prices will increase. B. only input prices will increase. C. both input and output prices will increase. D. only output prices will increase.