Martha did not like her job as a receptionist, so she quit and is looking for one that better suits her artistic talents. Ting Pei would like to work, but employers are not willing to hire him because he does not speak English. Martha is ________ unemployed and Ting Pei is ________ unemployed.
A. frictionally; structurally
B. structurally; cyclically
C. cyclically; structurally
D. structurally; frictionally
Answer: A
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Suppose Panama produces only two goods, bananas and hats. If Panama has a comparative advantage in bananas, a move toward free trade will
A) benefit hat workers, harm banana workers, but harm the nation as a whole. B) harm hat workers, harm banana workers, but benefit the nation as a whole. C) harm hat workers, benefit banana workers, but benefit the nation as a whole. D) benefit hat workers, harm banana workers, but benefit the nation as a whole.
In the loanable funds market, if the real interest rate is higher than the equilibrium real interest rate,
A) the demand for loanable funds curve shifts rightward to restore the equilibrium. B) there is a surplus of investment. C) there is a shortage of loanable funds. D) the demand for loanable funds curve shifts leftward to restore the equilibrium. E) there is a surplus of loanable funds.
The endowment point is the consumption bundle in which
A) first-period consumption is equal to zero. B) second-period consumption is equal to zero. C) the consumer finds the most utility. D) consumption is equal to disposable income in each period.
What prompted the large increase in tax rates in 1932 in the midst of an economic recession?
a. concern that inflation would rise due to increases in real output and aggregate demand b. expansionary fiscal policy designed to stimulate aggregate demand c. the Keynesian view that taxes should be increased during a recession d. the view that the federal government should maintain a balanced budget