Suppose people decide to buy fewer GE stoves. If General Electric reduces the number of its employees to reduce its costs but no other stove company does so, which type of unemployment results?
A) cyclical
B) marginal
C) structural
D) frictional
E) discouraged
D
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In case of a decrease in product prices:
A) the quantity effect always dominates the price effect. B) the price effect always dominates the quantity effect. C) when the price effect dominates the quantity effect, total revenue increases. D) when the quantity effect dominates the price effect, total revenue increases.
In the monetarist view, the long-run Phillips curve is
a. horizontal. b. downward sloping. c. downward sloping but steeper than the short-run curve. d. downward sloping but flatter than the short-run curve. e. none of the above.
Which of the following will cause the demand curve for Beatles' compact discs to shift to the right?
A) An increase in the price of the discs B) A decrease in consumers' incomes C) An increase in the price of Phil Collins' latest compact disc (a substitute) D) all of the above E) none of the above
If a citizen decides he has had enough of big government and launches a personal campaign to expose big spenders in Congress,
a. he is likely to have his taxes reduced dramatically b. his taxes are not likely to fall very much c. he will be thrown in jail d. he is likely to get elected by other voters e. he will get the support of many special-interest groups