If workers are changing jobs voluntarily and it takes a while for them to find new jobs, they are an example of
a. structural unemployment.
b. frictional unemployment.
c. technological unemployment.
d. None of these.
b. frictional unemployment.
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Legislators facing a close electoral contest will tend to favor
A) policies with benefits greater than costs for everyone. B) policies with benefits greater than costs for the majority. C) policies with benefits in the near future and deferred costs. D) policies representing the public interest.
A recession is a slowdown in the rate of economic growth that
A) causes total income to fall even though total output has not declined. B) is unintended and therefore disappoints people's expectations. C) lowers the nominal level of gross domestic product. D) persists longer than one year. E) results in fewer people being employed.
Which of the following is not a subcategory of consumption spending?
a. consumer services b. consumer investment c. consumer durable goods d. consumer nondurable goods
The supply curve shows the relationship between the
A. price of the product and quantity supplied. B. quantity demanded and the quantity supplied. C. cost of production and the price of the product. D. cost of resources and cost of production.