Students who leave school in the spring and look for work are one source of ________
A) structural unemployment
B) cyclical unemployment
C) frictional unemployment
D) business-cycle fluctuations
C
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An import quota restricts ________ and is designed to protect domestic ________
A) exports; consumers B) exports; producers C) imports; consumers D) imports; producers
On average over the last century, the U.S. population has grown three times as fast as the U.S. real GDP.
Answer the following statement true (T) or false (F)
Market clearing prices in a market system act as
A) a signaling device. B) a direct measure of resource costs. C) a way for producers to advertise. D) a legally determined rationing device.
If producers incorrectly set the price of their product too high a:
A. shortage will result and consumers will bid the price down to equilibrium. B. shortage will result and consumers will bid the price up to equilibrium. C. surplus will result and excess goods in inventory will signal to producers to lower their prices. D. surplus will result and excess goods in inventory will signal the producers to restrict output until sales increase.