Which of the following situations best describes an individual who is cyclically unemployed?
A) Catherine is a ski instructor who is not working because it is summer.
B) Matthew was an artillery man, but he has been unable to find work since he left the army.
C) Nicholas was laid-off when orders for General Motors cars fell during a recession.
D) Susan quit her job as a preschool teacher to try to find a better paying job.
C
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What is a perfectly contestable market?
What will be an ideal response?
World output will be maximized if each country
a. attempts to be self-sufficient b. specializes in producing those goods in which it has a comparative advantage c. specializes in producing those goods in which it has an absolute advantage d. reduces its consumption possibilities e. specializes in producing those goods for which it has the lowest demand
If international trade is restricted by the government:
a. domestic consumers are benefited. b. domestic producers are adversely affected. c. consumers in the importing country are required to pay higher prices for the goods. d. consumers can access to better quality product at lower prices. e. the resources are allocated to their highest paid uses.
Economists generally prefer to deal with emissions of pollutants
A. with direct controls. B. by encouraging people not to pollute. C. by subsidizing the installation of pollution-control equipment. D. by taxing emissions.