Sam is a musician who is out of work because electronic equipment replaced live musicians. This is an example of:
a. frictional unemployment.
b. cyclical unemployment.
c. structural unemployment.
d. involuntary unemployment.
c
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If government uses a pollution tax to control pollution, the tax should be set
A) equal to the private cost of production created by the activity. B) equal to the external cost of production created by the activity. C) equal to the social cost of production created by the activity. D) at the amount that will eliminate the pollution completely.
Discuss reasons why we see trade restrictions. Are any of these reasons valid?
What will be an ideal response?
When all prices are set equal to marginal costs,
a. consumers buy more than they should. b. consumers will get less utility. c. markets are giving correct signals to consumers. d. producers make excessive profits.
How do new classical economists differ from Keynesian economists in their assumptions about how government borrowing affects household consumption and borrowing patterns?