Cyclical unemployment is caused by
a. frictional and structural unemployment
b. frictional but not structural unemployment
c. structural but not frictional unemployment
d. neither frictional nor structural unemployment
d
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Refer to Figure 7.1. Suppose that instead of $350, Angus earns only $250 by playing the bagpipes, but all other earnings remain the same. Angus values playing the bagpipes at
A) $100. B) $150. C) $250. D) $600.
Which of the following is NOT a "flow" variable?
A) government debt B) consumption expenditure C) labor services D) income
The merchandise trade balance measures
a. the value of goods and services exported b. the value of all goods and services exported minus the value of all goods and services imported c. the value of all goods and services exported minus the value of all goods and services imported, and transactions to finance the difference d. the value of all tangible products exported minus the value of all tangible products imported e. the value of all tangible products exported minus the value of all tangible products imported, and transactions to finance the difference
Demand is said to be elastic when percentage changes in quantity demanded are
a. less than the percentage changes in price. b. higher than the percentage changes in price. c. equal to the percentage changes in price. d. zero when price changes.