Structural unemployment:
A. Is generally less than cyclical unemployment
B. Cannot be reduced with demand side policies
C. Includes cyclical unemployment
D. Is generally greater than cyclical unemployment
Answer: B. Cannot be reduced with demand side policies
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The version of the law of diminishing returns that applies to production
A. applies only in the short run. B. is true only when all inputs are variable. C. implies that as we add more workers our output decreases. D. applies in the short and long run.
Consumption is likely to fall if ________
A) the number of mortgage defaults in an economy rises B) the revenue earned by firms increase C) the demand for labor rises D) the supply of labor decreases
A characteristic function is:
a. one that identifies negotiations which depend on the characteristics of the bargainers. b. one that gives the value each possible coalition of a group's members can create by operating independently. c. one that identifies the most beneficial price for the buyer involved in a transaction. d. one that identifies the most beneficial price for the seller involved in a transaction.
Suppose you drive downtown, pay for parking at a private parking garage, and go to see an investment advisor. He charges you a $5 fee to advise you to purchase 100 shares of stock, which you do. Which of these transactions is NOT included in GDP?
A. your purchase of the stock B. paying the $5 fee to the investment advisor C. the purchase of gas for the trip D. paying the parking fee