Sally lost her job when her company went out of business because of a recession. This is an example of:
A. frictional unemployment.
B. structural unemployment.
C. cyclical unemployment.
D. technological unemployment.
Answer: C
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_________ is the value, worth, applicability, productiveness or usefulness of a resource
a. Utility b. Marketability c. Credit d. Cache
A decrease in the price of a good will
a. increase supply. b. decrease supply. c. increase quantity supplied. d. decrease quantity supplied.
An increase in the MRP for each unit of labor
A. means that the marginal physical product of labor rose. B. means that more labor is demanded by the firm. C. means that the demand for the final product has fallen. D. means that labor's productivity has risen.
For most commonly used social welfare functions, an efficient allocation is
A) always preferred over any inefficient allocation. B) not possible. C) usually preferred. D) never preferred.