Unemployment that results from fundamental technological changes in production, or from the substitution of new goods for customary ones, is:
a. the natural rate of unemployment.
b. full employment.
c. cyclical unemployment.
d. frictional unemployment.
e. structural unemployment.
e
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"Diminishing marginal returns" refer to a situation in which the
A) marginal cost of the next worker hired is less than the marginal cost of the previous worker hired. B) average cost of the next worker hired is less than the average cost of the previous worker hired. C) marginal product of the next worker hired is less than the marginal product of the previous worker hired. D) average product of the next worker hired is less than the average product of the previous worker hired.
Suppose Y = 100, P = 80, and V = 3.2. If Y rises to 105, and the inflation rate is 10 percent, what is the new value of M?
What will be an ideal response?
Calculate the annual return earned by a lender on a sum of $800 lent out at 8 percent interest, if prices inflate at the rate of 5 percent per annum
a. $909.03 b. $808.50 c. $800.67 d. $907.20
When a worker specializes in one task, he focuses on that one function in the production process, ignoring the whole system. This is likely to
A. increase the cross-training costs. B. result in functional myopia that reduces overall productivity. C. eliminate trade-offs since only one task is undertaken by each employee. D. lead to greater complementarity between one task and another.