When individuals are unemployed because they lack the qualifications to fill available jobs, this is called:
a. frictional unemployment.
b. natural unemployment.
c. cyclical unemployment.
d. structural unemployment.
d
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Refer to Figure 5-1. If, because of an externality, the economically efficient output is Q2 and not the current equilibrium output of Q1, what does S2 represent?
A) the market supply curve reflecting marginal social cost B) the market supply curve reflecting implicit cost C) the market supply curve reflecting marginal private cost D) the market supply curve reflecting external cost
Which of the following is not one of the four principles of individual decision making?
a. People face trade-offs. b. Trade can make everyone better off. c. People respond to incentives. d. Rational people think at the margin.
The effect of imposing a lump-sum tax is to:
A. reduce the absolute levels of consumption and saving at each level of GDP and to reduce the size of the multiplier. B. reduce the absolute levels of consumption and saving at each level of GDP but to not change the size of the multiplier. C. reduce the absolute levels of consumption and saving at each level of GDP and to increase the size of the multiplier. D. increase the absolute levels of consumption and saving at each level of GDP and to increase the size of the multiplier.
The Organization of Petroleum Exporting Countries (OPEC) operates as an international cartel. If the cartel were to hire a consulting firm to monitor the production rates of member countries, the economic reason for this monitoring is to:
A. make sure that the marginal revenue for the last barrel of oil sold by each member country is less than its price. B. detect those member countries that are depressing prices by producing more than their assigned quotas. C. make sure all the member countries produce at least their quotas so that there will be no oil shortage. D. make sure that each member country is producing at an output level at which price equals marginal cost.