Structural unemployment is a result of
a. difficulties in matching qualified workers with available jobs.
b. inaccurate or costly information about job opportunities.
c. slow or negative economic growth, as during a recession.
d. not enough workers to fill available jobs.
A
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The short-run relationship between inflation and unemployment is often called
a. the Classical Dichotomy. b. Money Neutrality. c. the Phillips curve. d. None of the above is correct.
The advancement of computers has increased the productivity of a paper mill. How will this likely affect the supply of paper? It will likely cause:
A. a leftward shift in the supply of paper. B. no shift, but a movement along the supply curve. C. a shift straight up in the supply of paper. D. a rightward shift in the supply of paper.
The average work week in the United States has declined to fewer than 40 hours even though wage rates have been increasing. The best explanation of this phenomenon is that
a. the labor supply curve shifted to the right b. the labor demand curve shifted to the right c. the income effect of rising wages outweighed the substitution effect d. the income effect of rising wages could not outweigh the substitution effect e. none of the above
The prosperity phase of a three-phase cycle sets in after the _____ phase.
Fill in the blank(s) with the appropriate word(s).