Sue just quit her job as a librarian to pursue her lifelong dream of getting a job as a teacher. Sue would be considered:
A. frictionally unemployed.
B. structurally unemployed.
C. seasonally unemployed.
D. Sue is not in the labor force.
A. frictionally unemployed.
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Kristen has an income of $450 per year to spend on music CDs and movies on DVDs. The price of a CD is $15 and the initial price of a DVD is $22.50. The indifference curves in the figure above (I1, I2, and I3 ) reflect Kristen's preferences
If the price of a DVD falls to $18, the income effect on Kristen's consumption of DVDs ________ the substitution effect, so a DVD is ________ good. A) partly offsets; an inferior B) partly offsets; a normal C) reinforces; an inferior D) reinforces; a normal
There are no costs to inflation if it is fully anticipated
Indicate whether the statement is true or false
The LM curve
A) is horizontal. B) is vertical. C) slopes downward. D) slopes upward.
If the substitution effect of a lowered price is partly or fully offset by the income effect, we know that the good in question is a(n)
a. complementary good b. inferior good c. luxury good d. normal good e. substitute good