The primary cause of frictional unemployment is:
A. discouraged workers who give up looking for work.
B. fluctuations in aggregate demand.
C. the lack of training and marketable qualifications in job seekers.
D. inaccurate information about job opportunities.
Answer: D
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________ is defined as a sustained ________ in the price level
A) Inflation; fall B) Deflation; fall C) Deflation; rise D) Answers A and C above are both true.
About six months ago, Pat lost the job as vice president of a local bank. Since losing the job, Pat still has the Sunday newspaper delivered every week. For Pat, the Sunday newspaper is
A) income inelastic. B) price inelastic. C) an inferior good. D) a normal good because Pat still buys the paper even with a big loss of income.
Suppose the short-run supply curve is a straight line of slope +1 that intersects the origin. The long-run supply curve will be
A) horizontal. B) steeper. C) shallower. D) vertical.
According to international trade theory, a country should:
A. import goods in which it has an absolute advantage. B. specialize in the production of the good in which it has an absolute disadvantage. C. export goods when it has either a comparative or absolute disadvantage in producing them. D. specialize in the production of the good in which they have a comparative advantage.