Rosa recently completed her college degree and is looking for her first job. She has had a few interviews and prospects look good for her to land a new job in the next couple of weeks. Based on this description, Rosa is best described as:
A. cyclically unemployed.
B. structurally unemployed.
C. not in the labor force.
D. frictionally unemployed.
Answer: D
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The production possibilities curve represents the set of all
A) nonlinear forms of production in the economy. B) combinations of goods and services that can be used in the production of other goods and services. C) factors of production that can be used to manufacture goods and services. D) feasible combinations of goods that the economy can produce given that a nation's resources are fully employed.
The policy position that the supply of money should be increased at a constant rate each year is most closely associated with the views of:
A. Monetarism B. Real business cycle theory C. Mainstream economics D. Supply-side economics
Refer to Table 2-9. What is Japan's opportunity cost of producing one wristwatch?
A) 0.04 pounds of rice B) 4 pounds of rice C) 25 pounds of rice D) 40 pounds of rice
A market has four individuals, each considering buying a grill for his backyard. Assume that grills come in only one size and model. Abe considers himself a grill-master, and finds a grill a necessity, so he is willing to pay $400 for a grill. Butch is a meat-lover, honing his grilling skills, and is willing to pay $350 for a grill. Collin just met the girl of his dreams, and she loves a good grilled steak, so in his effort to impress her he is willing to pay $320 for a grill. Daniel loves grilled shrimp and thinks it might be cheaper in the long run if he buys a grill instead of eating out every time he wants grilled shrimp, so he is willing to pay $200 for a grill.
If the market price of grills increases from $300 to $325, given the scenario described: A. Collin would drop out of the market. B. Collin's surplus would decrease the most. C. Collin is the only consumer who would be affected in terms of surplus. D. Daniel’s surplus would decrease.