Unemployment that results from the seasonal pattern of work in specific industries is
A. frictional unemployment.
B. structural unemployment.
C. cyclical unemployment.
D. seasonal unemployment.
Answer: D
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The typical short-run production function is incapable of distinguishing among the different types of labor that might be hired by the firm
Indicate whether the statement is true or false
The Fed's forward guidance in late 2012 through mid-2015 was framed in terms of keeping interest rates low
A) for an extended period. B) at least until a particular date in the future. C) based on outcomes for the unemployment rate and inflation rate. D) until the next Presidential election.
When unions raise wages beyond what productivity increases would permit,
A) more union workers are employed. B) there are higher wages for all union members. C) there is a redistribution of income from low- to high-seniority workers. D) nonunion workers wages in the economy also increase.
Producers will take external costs into account when:
A. they actually have to pay those costs. B. environmental groups apply sufficient pressure and generate negative press coverage. C. those costs are less than the benefits. D. those costs are less than the private costs.