Income lost by the unemployed is an example of the ________ cost of unemployment, while the additional spending to control crime is an example of the ________ cost of unemployment.
A. economic; psychological
B. social; psychological
C. economic; social
D. psychological; economic
Answer: C
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Income inequality in the United States has increased in part due to technological change. How does technological change contribute to income inequality?
A) It reduces the cost of producing goods and therefore lowers the value of labor services. B) It is responsible for a majority of new products on the market, and these products are only affordable to higher-income households. C) It allows manufacturers to produce products with less labor, and this reduction in the demand for labor lowers wages at all skill levels. D) It has created many higher-income jobs for skilled and trained workers, leaving the income of less-skilled workers relatively unchanged by comparison.
As the unemployment rate increases,
A) potential GDP decreases. B) real GDP decreases. C) both real GDP and potential GDP decrease. D) potential GDP increases. E) full employment GDP decreases.
The brain drain refers to the effects of Dutch Disease when the infection spreads to other countries
Indicate whether the statement is true or false
Some economists argue that the recent relatively high rate of unemployment has resulted in part from the fact that a part of the workforce has not made the adjustment to new technologies
Indicate whether the statement is true or false