The type of unemployment that occurs because of a recession is called:
A. frictional unemployment.
B. seasonal unemployment.
C. natural unemployment.
D. cyclical unemployment.
Answer: D
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According to classical economists, if we use the quantity theory of money equation P = MV / Q, and the growth rate of M equals the Q growth rate,
a. the price level increases b. the price level decreases c. the price level remains unchanged d. velocity is necessarily increased e. M1 is decreased
The wealthy nations of the world have
A. the largest populations. B. more supplies of natural resources. C. more supplies of capital. D. larger labor forces.
You are the manager of a monopoly that faces a demand curve described by P = 85 ? 5Q. Your costs are C = 20 + 5Q. The revenue-maximizing output is:
A. 10. B. 9. C. .85. D. None of the answers is correct.
What impact do private insurance companies and Medicare have on national medical costs?
A) Medical costs go up because insurance leads to an increase in the quantity demanded of medical services. B) Medical costs go up because insurance will lead to the reduction in the supply of medical services due to the amount of paperwork required. C) Medical cost are unaffected by insurance companies. D) Medical costs go down because the insurance company pays the bill.