Structural unemployment may be particularly severe for
A. younger workers
B. college graduates.
C. older workers.
D. workers with “high tech” skills.
Answer: C
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The law of demand describes the:
A. inverse relationship between price and quantity demanded. B. direct relationship between price and quantity demanded. C. inverse relationship between income and quantity demanded. D. direct relationship between income and quantity demanded.
A nonprice determinant of demand refers to something that:
A. affects the price other than demand. B. affects demand other than the price. C. determines how large a role prices play in the demand decision. D. determines how prices are affected by income.
Although tariff and quota protections for China auto imports were very costly to consumers, which of the following was a benefit?
a. Auto prices, compared with other prices in the economy, actually fell. b. Auto consumption skyrocketed, but there were environmental effects. c. Firms that were involved in joint ventures were able to "learn" and to significantly lower their costs. d. China's government realized it had to keep its hands off entrepreneurial concerns.
Which of the following will most likely result from a decrease in government spending?
A) An increase in output B) An increase in the price level C) An increase in employment D) A decrease in aggregate supply E) A decrease in aggregate demand