As firms search for the best employee to fill an opening and the unemployed search for the job that best fits their skills, the economy experiences
A) structural unemployment.
B) frictional unemployment.
C) cyclical unemployment.
D) changes in the business cycle.
E) avoidable unemployment.
B
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The percentage change in quantity demanded that results from a 1 percent change in price is known as the:
A. price elasticity of supply. B. cross-price elasticity of demand. C. price elasticity of demand. D. income elasticity of demand.
Other things constant, which of the following would tend to decrease the demand for Disney World vacations?
A) A rise in the price of Hawaiian vacations (a substitute for Disney World) B) A rise in income, if Disney World vacationing is a inferior good C) A fall in the price of air travel (a complementary good) D) New information that Disney World will raise its prices after this summer E) All of the above.
According to the expectations theory of the term structure
A) when the yield curve is steeply upward sloping, short-term interest rates are expected to remain relatively stable in the future. B) when the yield curve is downward sloping, short-term interest rates are expected to remain relatively stable in the future. C) investors have strong preferences for short-term relative to long-term bonds, explaining why yield curves typically slope upward. D) yield curves should be equally likely to slope downward as slope upward.
Infeasible GLS
A) requires too much memory even for today's PCs. B) uses complicated interative techniques. C) cannot be calculated since it also uses quasi differences for Xt. D) assumes the parameters of the error autocorrelation process to be known.