Which type of unemployment is likely to increase the most during an economy's recession?
a. Frictional unemployment
b. Seasonal unemployment
c. Structural unemployment
d. Cyclical unemployment
e. Underemployment
d
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One problem with keeping the CPI basket fixed is it:
A. doesn't accurately isolate price changes from behavior changes. B. can't properly predict when prices will change. C. doesn't allow for changes in people's preferences over time. D. doesn't really capture what a typical household may purchase in a base year.
The fact that output gaps will not last indefinitely, but will be closed by rising or falling inflation is the economy's:
A. income-expenditure multiplier. B. self-correcting property. C. short-run equilibrium property. D. long-run equilibrium property.
When firms cooperate with each other rather than compete:
A. consumers will end up better off. B. the firms will end up better off. C. both consumers and firms end up better off. D. they will agree to set low prices to help each other out.
Roaring Lion Studios can produce DVDs at a constant marginal cost of $5 per disk, and the studio has just releasing the DVD for its latest hit film, Ernest Goes to the Hamptons
The retail price of the DVD is $25, and the elasticity of demand for this film is -2. Has the studio selected the profit-maximizing retail price for this DVD? A) Yes B) No, the retail price is too low C) No, the retail price is too high D) We do not have enough information to answer this question.