Unemployment that results from an economy-wide downturn is called:
a. frictional unemployment.
b. cyclical unemployment
c. structural unemployment.
d. seasonal unemployment.
b
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A researcher claims that the slow economic growth of countries located in Africa can be attributed to the geography hypothesis. If the researcher is correct, it implies that economic growth of countries in Africa is greatly affected by:
A) institutional factors such as the availability of credit and finance. B) natural factors such as climate and quality of soil available. C) cultural factors such as work nature of indigenous residents. D) religious factors.
Two brands of water, Natural Water and Mountain Water, are close substitutes. If the price of Mountain Water decreases, the fall in price
A) shifts the demand curve for Natural Water rightward. B) shifts the demand curve for Natural Water leftward. C) increases the price of Natural Water. D) increases the demand for Mountain Water. E) More information is needed to determine if the demand curve for Natural Water shifts rightward or leftward.
The figure above shows the relationship between distance sprinted and recovery time. The curve becomes steeper because as the distance sprinted increases,
A) the extra recovery time needed from sprinting another 100 yards increases. B) the extra recovery time needed from sprinting another 100 yards decreases. C) the recovery time increases. D) the recovery time decreases. E) the relationship between distance sprinted and recovery time becomes more inverse.
The demand for gasoline is expected to be more elastic in the long run than in the short run
Indicate whether the statement is true or false