Don worked as a machinist all his life, and was recently laid off because his plant closed and the jobs were outsourced to India. There don't seem to be any machinist jobs in the area anymore. Don would be considered:
A. frictionally unemployed.
B. structurally unemployed.
C. real-wage unemployed.
D. Don is a discouraged worker.
B. structurally unemployed.
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When the demand for a good is inelastic, that good is likely to have:
A. many close complements. B. few close substitutes. C. few close complements. D. many close substitutes.
One way to sidestep the debate over whether the government should increase spending during economic downturns is to:
A. cut government spending so the government has no ability to spend money. B. return to the gold standard so that the value of the U.S. dollar remains strong. C. identify projects that nearly everyone can agree the government should fund. D. raise taxes so that the government has the money it needs for additional spending.
The current account balance of the United States began to deteriorate in
A) the late 1960s. B) the early 1970s. C) the early 1980s. D) the late 1980s. E) the early 1990s.
A supply curve describes
a. the relationship between price and quantity demanded b. the relationship between price and quantity supplied c. the relationship between a group of buyers and sellers d. none of the above