The best example of a "frictionally unemployed" worker is one who
A. is in the process of voluntarily switching jobs.
B. is discouraged and not actively seeking work.
C. is laid off during a recessionary period in the economy.
D. reduces productivity by causing friction in a business.
Answer: A
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How is economic growth graphically depicted?
A) The long-run aggregate supply curve shifts right. B) Aggregate demand shifts to the right. C) Short-run aggregate supply shifts left. D) The aggregate demand curve shifts to the left.
If the cross elasticity of demand between two goods is negative, are the goods substitutes or complements?
What will be an ideal response?
Bobby makes a New Year's resolution to lose weight. On January 3rd, he decides to go to Ben amp; Jerry's for ice cream instead of going to the gym. Using the concept of revealed preference, economists would most likely conclude that Bobby:
A. is not a rational individual. B. actually gains more utility from ice cream than working out. C. has changed his preferences. D. has no choice over the actions he takes.
The statement that there is a direct relation between x and y means that
a. x and y move in the same direction b. x causes y c. y causes x d. either y causes x or x causes y e. the causal connection between x and y is immediate