Cyclical unemployment refers to unemployment resulting from:
a. a mismatch of skills.
b. being in the wrong geographical location.
c. the time and monetary cost of finding the best job.
d. a recession.
d
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The terms of trade are acceptable if the price is ________ the seller's opportunity cost and ________ the buyer's opportunity cost.
A. above, below B. below, below C. below, above D. above, above
According to the graph shown, if the economy decides to impose a tariff, the government can expect to raise how much in government revenues?
This graph demonstrates the domestic demand and supply for a good, as well as a tariff and the world price for that good.
A. $19,500.
B. $27,000.
C. $34,500.
D. $37,500.
The opportunity cost to you of an action is
a. how much you must pay for the opportunity to take the action. b. the value to you of the next best action you could have taken. c. the cost to society of giving you the opportunity to take the action. d. the dollar cost to you of the action.
A budget deficit
a. occurs when government receipts are less than spending. b. occurs when government spending is less than receipts. c. occurs when government receipts are equal to spending. d. is the accumulation of years of government overspending.