Which of the following scenarios best illustrates the concept of cyclical unemployment?
A. Grace loses her job because of new automated machinery.
B. Sean quits his job to look for work that is more fun.
C. Ellen quits looking for work because she doesn’t think she can find a suitable job.
D. Marian loses her job because of a recession.
Answer: D
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Refer to Figure 12-5. If the market price is $20, what is the amount of the firm's profit?
A) $5,400 B) $6,750 C) $8,100 D) $16,200
Which of the following statements is correct, when the exchange rate changes from €2/$ to €1.5/$?
a. Both the euro and the dollar appreciate. b. Both the euro and the dollar depreciate. c. None of the above. d. The euro (€) depreciates. e. The euro appreciates and the dollar depreciates.
Because workers in the U.S. economy receive most of the total income earned, which of the following factors of production is considered to be the most important?
a. profit b. wages c. interest d. labor
Inflation does the greatest harm to money's function as a
A) medium of exchange. B) unit of account. C) store of value. D) liquid asset.