Unemployment benefits in western Europe are more generous than in the United States. As a result, ________ in the United States
A) frictional unemployment is higher
B) frictional unemployment is lower
C) cyclical unemployment is higher
D) structural unemployment is higher
E) avoidable unemployment is lower
B
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Sharon purchases two products, X and Y, with a given fixed budget. The marginal utility she receives from the last unit of X she consumes is 60 utils, and the marginal utility she receives from the last unit of Y she consumes is 30 utils. The price of X is $2.00, and the price of Y is $1.00. Based on the equal marginal principle, these data suggest that Sharon
A. should buy more Y and less X. B. should buy less Y and X. C. should buy more X and less Y. D. is maximizing her total utility from the given fixed budget.
Suppose China can produce 200 TVs or 200 DVD players. South Korea can produce either 100 TVs or 200 DVD players. In terms of TV production, we can conclude that
A. China has an absolute advantage in TV production. B. China has a comparative advantage in TV production. C. South Korea has an absolute advantage in TV production. D. South Korea has a comparative advantage in TV production.
An increase in the money supply by the Federal Reserve is likely to increase
I. net exports. II. the exchange rate. III. interest rates. IV. aggregate demand. A) I, II, III, and IV B) I, II, and IV C) I, III, and IV D) I and IV
Which of the following is an example of a good with a highly elastic supply curve?
a. luxury goods b. tropical vacations c. pizza d. sports vehicles