If Samantha quits her job voluntarily and actively searches for other work, then she is considered
A. not to be unemployed.
B. structurally unemployed.
C. frictionally unemployed.
D. cyclically unemployed.
Answer: C
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Suppose that Country A has an absolute advantage over Country B in the production of both wheat and cloth. The opportunity cost of 1 unit of wheat is 2 units of cloth in Country A and 3 units of cloth in Country B. It follows that
a. Country A has a comparative advantage in both wheat and cloth. b. Country A has a comparative advantage in wheat. c. Country B has a comparative advantage in wheat. d. Country A has a comparative advantage in cloth.
When good weather speeds the check-clearing process, float tends to ________ causing the Fed to initiate defensive open market ________
A) decrease; sales B) decrease; purchases C) increase; sales D) increase; purchases
The welfare loss associated with the outcome in a colluding oligopoly is:
A. smaller than that of a perfectly competitive outcome. B. smaller than that of a competitive oligopoly. C. the same as that of a perfectly competitive outcome. D. None of these statements is true.
The basic difference between a tariff and quota is that:
a. a quota can be imposed both on imports and exports, whereas a tariff can be imposed only on imports. b. a quota yields revenue to the government, whereas a tariff does not yield any revenue. c. a tariff reduces the import of the goods with greater certainty than quota as the amount of import restricted by quota depends on the price elasticity of demand for importable. d. a tariff is a quantitative restriction on imports, whereas a quota is an import duty. e. a tariff raises the price of the product only in the domestic market, whereas with a quota, both domestic and foreign producers receive a higher price.