Search and wait unemployment is another way to describe
A. frictional unemployment.
B. noncyclical unemployment.
C. structural unemployment.
D. cyclical unemployment.
Answer: A
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An economic expansion rather than a recession occurs
A) when the federal budget is balanced. B) when the unemployment rate falls below 5 percent. C) when growth in real GDP is positive. D) when the unemployment rate is not changing.
Refer to the above figure. If a price ceiling of $3 was set
A) the quantity sold would be 80 units. B) there would be a surplus of 40 units. C) there would be a shortage of 40 units. D) there would be a shortage of 20 units.
Joseph Schumpeter's explanation of why economies experience business cycles focuses on
a. the climatic cycles caused by movements in the solar system b. the impact of war activity on the economy c. housing construction d. the clustering of innovations e. the interaction of the multiplier and the accelerator
If, as an entrepreneur, I am earning accounting profits of $70,000 per year and the opportunity cost of my time is $50,000
A) I am earning economic profits of $20,000. B) I am earning economic profits of $70,000. C) I am earning economic losses of $20,000. D) I should close my business.