Some economists say that "full employment" exists in an economy when:
a. cyclical unemployment is 2 percent.
b. cyclical unemployment is 4 to 6 percent.
c. frictional unemployment is zero.
d. the unemployment rate is 4 to 7 percent.
e. the natural unemployment rate is zero.
d
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Margaret can use her quarterly savings to buy a teakwood study table for her room or spend it on a small Christmas party with her family. The _____ cost of her enjoyment at the Christmas party would then equal the forgone utility of the study table
a. transaction b. exchange c. opportunity d. direct e. sunk
Eleanor and her father have identical driving records for the last ten years and neither one has had an accident or insurance claim. Despite that record She pays more for car insurance than he does. What might be the reason for this?
A. Statistical discrimination B. Adverse selection C. The law of large numbers D. The moral hazard problem
Expansionary monetary policy occurs when
What will be an ideal response?
When measuring the benefits from investing in human capital
A. we must include the costs of tuition and books but not the money made from part-time jobs. B. we must include the foregone earnings in the benefit calculation. C. in addition to the monetary benefits, the benefit from expanding horizons should be included. D. the only benefits come from the increase in salary because of going to school.