John has been laid off from his job because of a general downturn in the economy. John's unemployment is best classified as
A) structural. B) cyclical. C) frictional. D) full. E) avoidable.
B
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A major stumbling block to the completion of the Uruguay Round was a disagreement between the United States and the EU over rules covering international trade in
A) services. B) steel. C) agricultural products. D) textiles.
Dan Heath is the owner of Plain Truth Advertising. He is attempting to design salary systems for his employees, most of whom are sales agents. To get a good system, he needs to recognize the trade-offs between:
A. benefits and salaries. B. benefits and incentives. C. risk-sharing and incentives. D. risk-sharing and benefits.
The assumption of rationality implies that market participants:
a. always choose the option with the highest gross benefit. b. assess expected benefits and expected costs. c. do not make decisions under uncertainty. d. do not care about benefits or costs accruing in the future.
Poverty is
A. an absolute, not a relative concept. B. a relative concept, not an absolute. C. both an absolute and a relative concept. D. neither an absolute nor a relative concept.