Recently, banking has become easier with automated teller machines replacing bank tellers. The loss of tellers' jobs is an example of _____
a. cyclical unemployment
b. structural unemployment
c. frictional unemployment
d. underemployment
e. voluntary unemployment
b
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If the marginal product of capital doesn't change as the amount of capital increases, a figure showing the relationship between output and capital
A) is a straight line with constant upward slope. B) is a straight line with a slope of zero. C) is a vertical line. D) slopes upward with a slope that declines as the amount of capital increases.
As the nominal interest rate increases ________
A) it becomes more costly to hold money instead of bonds B) the quantity of money demanded falls C) the opportunity cost of holding money rises D) all of the above E) none of the above
If Belgium exports chocolate to the rest of the world, then Belgian chocolate producers benefit from higher producer surplus, Belgian chocolate consumers are worse off because of lower consumer surplus, and total surplus in Belgium increases because of the exports of chocolate
a. True b. False Indicate whether the statement is true or false
Inflation distorts relative prices. What does this mean and why does it impose a cost on society?