The economy is at full employment when all unemployment is ________
A. structural
B. cyclical
C. structural and cyclical
D. structural and frictional
D Answer D is the definition of when the economy is at full em-ployment.
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A lumberjack loses his job because timber cutting restrictions were imposed by the EPA to protect the spotted owl habitat. This lumberjack would be
A) structurally unemployed. B) cyclically unemployed. C) frictionally unemployed. D) seasonally unemployed.
If you think that the economy is entering a recession, and fear that you might lose your job, explain how your actions of lowering your consumption level might actually increase the probability that you do lose your job
Which of the following would cause an increase in the demand for U.S. dollars?
A. An interest rate cut in the United States B. An interest rate cut in Europe C. An interest rate increase in Europe D. A recession in Europe
Which of the following goods is likely to have the highest income elasticity?
A) a designer blouse B) tomato soup C) hamburger D) can of tuna