Richard loses his job at the microbrewery due to a downturn in general business conditions. He is experiencing
A. structural unemployment.
B. cyclical unemployment.
C. seasonal unemployment.
D. frictional unemployment.
Answer: B
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Say's Law is the idea that
a. in the long run, the economy reaches full employment automatically b. the aggregate production function, along with the labor market, determines the economy's level of output c. total output will always exceed total spending d. whenever a good or service is produced, an equal amount of income is created e. markets always clear
The value of a loan of $500 after a year at 3 percent interest is:
A. $509. B. $1,500. C. $515. D. $565.
The time that elapses between the beginning of a recession or an inflationary episode and the identification of the macroeconomic problem is referred to as a(n)
A. legislative lag. B. implementation lag. C. recognition lag. D. budget lag.
The two primary objectives of the Fed are:
A) low and predictable levels of inflation, and interest rates above 10%. B) zero inflation, and zero unemployment. C) low and predictable levels of inflation, and zero unemployment. D) low and predictable levels of inflation, and maximum levels of employment.