Balin recently lost his job as a dog trainer because of a recession. He is seeking a new job, but his prospects appear dim until the economy recovers. Based on this description, Balin is best described as:
A. structurally unemployed.
B. frictionally unemployed.
C. not in the labor force.
D. cyclically unemployed.
Answer: D
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The wages for Nike workers increases. At the same time, we see the price for Adidas shoes increase. How does this affect the market for Nike shoes?
a. The demand curve will shift to the left; the supply curve will shift to the left b. The demand curve will shift to the left; the supply curve will shift to the right c. The demand curve will shift to the right; the supply curve will shift to the left d. The demand curve will shift to the right; the supply curve will shift to the right
The improvement in outcomes that occurs when specialized producers exchange goods and services is called:
A. gains from trade. B. absolute advantage. C. comparative advantage. D. specialization.
Raising an existing tariff on grapes from Chile will: a. increase U.S. imports of Chilean grapes
b. increase U.S. consumption of domestically produced grapes. c. increase total U.S. consumption of grapes. d. do all of the above.
Last year real GDP per person in the imaginary nation of Olympus was 4,250 . The year before it was 4,100 . By about what percentage did Olympian real GDP per person grow during the period?
a. 1.6 percent b. 2.5 percent c. 3.7 percent d. 6 percent