When the economy goes into recession, the biggest increase in unem-ployment is _________
A. structural because jobs are lost in most states
B. cyclical because jobs are lost in many industries as they cut production
C. frictional because the creation of jobs slows
D. the combination of structural and frictional as few new jobs are created.
B Cyclical unemployment is the unemployment resulting from a recession.
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Briefly describe how the Bretton Woods system worked. What advantages did it have over the gold standard? What problems did the Bretton Woods system eventually encounter?
What will be an ideal response?
Economic games can be used to analyze decisions around which of the following situations?
A. War B. Business C. Environmental protection D. All of these situations.
If the government removes a binding price floor from a market, then the price received by sellers will
a. decrease, and the quantity sold in the market will decrease. b. decrease, and the quantity sold in the market will increase. c. increase, and the quantity sold in the market will decrease. d. increase, and the quantity sold in the market will increase.
The effects of tariffs and quotas are: a(n) __________ in the prices of imported goods to domestic consumers, and a(n) __________ in imports
A) increase; increase B) increase; decrease C) decrease; increase D) decrease; decrease