Vernon was the milkman in his neighborhood for 30 years. Then, supermarkets started selling milk right in the store, and Vernon's job became obsolete. Vernon is a victim of ___________ unemployment.
A. seasonal
B. structural
C. frictional
D. cyclical
B. structural
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The nominal rate of interest is
If price elasticity of demand is -0.5,
a. a 1% decrease in quantity demanded leads to a 0.5% decrease in price b. a 1% decrease in price leads to a 0.5% increase in quantity demanded c. a 50% decrease in price leads to a 1% increase in quantity demanded d. a 50% decrease in price leads to a 100% increase in quantity demanded e. demand is elastic
Fiscal restraint is
A. Tax cuts or spending increases meant to reduce aggregate demand. B. Changes in taxes and spending intended to increase aggregate supply. C. Tax hikes and/or spending cuts intended to reduce aggregate demand. D. Not possible because Congress continues to spend too much money.
Efficiency is an important social goal because:
A. movements toward economic efficiency make the total economic pie larger. B. it assures a normative outcome. C. it takes into consideration the distribution of income. D. it assures a fair outcome.