In the fall of 2012, more than three years after the end of the recession, the unemployment rate remained just below 8% and nearly half of the unemployed had been out of work for at least six months
Unemployment had been so high for so long, that many economists had begun speaking of the "new normal", in which unemployment rates might be stuck at higher levels for many years. If this "new normal" does materialize, these higher unemployment rates would most likely be the result of ________ unemployment. A) frictional
B) cyclical
C) structural
D) seasonal
C
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The figure above shows the market for coffee. If more coffee plantations are planted in Brazil and Vietnam so that the supply of coffee increases, the efficient quantity of coffee will ________ and the consumer surplus will ________
A) increase; increase B) increase; decrease C) decrease; decrease D) decrease; increase
AirTran, JetBlue, Southwest Airlines and Sun Country Airlines are generally referred to as low-cost airlines
Why might this type of industry be used as an example of a contestable market? Can you think of any reasons why this might not be a good example of a contestable market?
Compared to those with less economic freedom, countries with more economic freedom generally have ____ per capita GDP levels and ____ growth rates
a. lower; less rapid b. lower; more rapid c. higher; less rapid d. higher; more rapid
A society consists of three individuals: Sam, Tristan, and Ulyana. In terms of income and utility, Sam is currently best-off, Tristan ranks in the middle, and Ulyana is worst-off. Which of the following statements is correct?
a. Utilitarianism suggests that government policies should strive to maximize Ulyana's utility. b. Liberalism suggests that government policies should strive to increase Ulyana's utility. c. Libertarianism suggests that government policies should strive to improve Tristan's utility at the cost of Sam's utility. d. Libertarianism suggests that government policies should strive to make Sam, Tristan, and Ulyana equally well off.