Which type of unemployment is associated with the slump in aggregate demand that accompanies a recession?
A. expansionary unemployment
B. structural unemployment
C. cyclical unemployment
D. frictional unemployment
Answer: C
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Starting from long-run equilibrium, a large tax cut will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. expansionary; higher; higher B. expansionary; higher; potential C. recessionary; higher; potential D. recessionary; lower; lower
After its reforms in the late 1970s, China followed a policy of
a. Nationalization of all enterprises b. export of technology c. free economic zones d. import substitution e. industrial planning
Dave and Buster play two games of tennis, and then decide to go have lunch. Using the concept of utility to explain their choices, we can conclude that:
A. the marginal utility from playing a third game must be less than the marginal utility from having lunch. B. the marginal utility from playing a third game must be negative for them. C. they each won one game of tennis. D. All of these must be true.
The labor force includes all of the following individuals who are 16 years or older EXCEPT
A) people who have never been in the labor force but have just found a job. B) people who are retired and not actively seeking work. C) the unemployed. D) the employed.