Define and give an example of how a spell of frictional unemployment can begin
What will be an ideal response?
Frictional unemployment is the unemployment resulting from normal turnover in the labor market. For instance, there are always people entering or reentering the labor force (entrants and reentrants) and while these people look for work, they are frictionally unemployed. Similarly, there are always some people who quit their jobs to look for something better, and these people are frictionally unemployed. And, there is always a normal ebb and flow among firms as some gain sales while others lose them. The firms that lose business might release workers and these people also are frictionally unemployed.
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When the price is less than the equilibrium price
A) there will be a shortage. B) some consumers will be willing to pay a price higher than the prevailing price. C) the price will be forced higher. D) All of the above answers are correct.
A person who agrees to buy an asset at a future date is going
A) long. B) short. C) back. D) ahead.
In a perfectly competitive market, an individual ________ has ________ influence over the market price of the good or service being sold
A) buyer; basically no B) seller; basically no C) buyer; a great deal of D) seller; a great deal of E) Both A and B are correct.
If business taxes rise in a large open economy, it causes the current account to ________ and saving to ________
A) fall; fall B) rise; remain unchanged C) fall; remain unchanged D) rise; fall