Unemployment due to the length of time it takes to find employment upon entering the labor force or voluntarily between jobs is called
A. cyclical unemployment.
B. frictional unemployment.
C. structural unemployment.
D. natural unemployment.
B. frictional unemployment.
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Use the following graphs for a perfectly competitive market in the short run to answer the next question.
The graphs suggest that in the long run, assuming no changes in the given information, the market
A. supply curve will shift to the right. B. demand curve will shift to the right. C. supply curve will shift to the left. D. demand curve will shift to the left.
Suppose that a worker in Radioland can produce either 4 radios or 1 television per year, and a worker in Teeveeland can produce either 2 radios or 4 televisions per year. Each nation has 100 workers. Also suppose that each country completely specializes in producing the good in which it has a comparative advantage. If Radioland trades 100 radios to Teeveeland in exchange for 100 televisions each
year, then each country's maximum consumption of new radios and televisions per year will be a. 100 radios, 300 televisions in Radioland and 300 radios, 100 televisions in Teeveeland. b. 300 radios, 100 televisions in Radioland and 100 radios, 300 televisions in Teeveeland. c. 200 radios, 100 televisions in Radioland and 100 radios, 200 televisions in Teeveeland. d. 300 radios, 100 televisions in Radioland and 100 radios, 400 televisions in Teeveeland.
Which of the following taxes is most likely to be regressive?
A. General sales taxes B. Personal income taxes C. Corporate income taxes D. Estate taxes
If two countries each are currently producing two goods, and each begins to specialize in the good in which it has a comparative advantage, what will happen to total (world) output?
A. It will increase. B. It will decrease. C. It will be unchanged in both countries. D. It will rise in one country and fall in the other, but the total is unchanged. E. Uncertain; economic theory has no answer to this question.