Susie has lost her job in a Vermont textile plant because of import competition. She intends to take a short course in electronics and move to Oregon, where she anticipates that a new job will be available. We can say that Susie is faced with:
A. seasonal unemployment.
B. cyclical unemployment.
C. structural unemployment.
D. frictional unemployment.
C. structural unemployment.
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The difference between what can be produced and consumed without specialization and trade and with specialization and trade is called:
a. comparative advantage. b. a tradeoff. c. marginal cost. d. opportunity cost. e. gains from trade.
The key element in preserving a monopoly is keeping rivals out of the market
a. True b. False Indicate whether the statement is true or false
The legal tender requirement means that
a. people are more likely to accept the dollar as a medium of exchange. b. the government must hold enough gold to redeem all currency. c. people may not make trades with anything else. d. All of the above are correct.
The most controversial element of the Frisch-Slutsky paradigm concerns
a) the direction in which employment moves during business cycles b) the duration of business cycles c) which types of events can cause business cycles d) the manner in which exogenous shocks are translated into business cycles e) whether the business cycle creates impulses or propagation mechanisms