Unemployment that results because the number of jobs available in some labor markets may be insufficient to give a job to everyone who wants one is called
a. the natural rate of unemployment.
b. cyclical unemployment.
c. structural unemployment.
d. frictional unemployment.
c
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Suppose the market clearing price for apples falls from $3.00 to $2.00 per pound, and the overall market clearing output decreases from 1 million to 1/2 million pounds. How can we explain the fall in price and fall in market output?
A) Supply decreased and demand remained unchanged. B) Supply remained unchanged and demand decreased. C) Demand increased and supply remained unchanged. D) Demand remained unchanged and supply increased.
The present value of an expected future payment ________ as the interest rate increases
A) falls B) rises C) is constant D) is unaffected
During the period of rapid industrialization in the U.S. after the Civil War,
(a) real farm incomes fell drastically. (b) real incomes in the agricultural sector increased at a faster pace than real incomes in manufacturing. (c) real incomes in the agricultural sector increased at relatively the same rate as real incomes in manufacturing. (d) real incomes in the agricultural sector increased but at a slower pace than real incomes in manufacturing.
If the real gross domestic product (GDP) for the base year is $3 trillion, then the nominal gross domestic product (GDP) for that year is _____
a. ?$.03 trillion b. $0.3 trillion c. $3 trillion d. $30 trillion e. $300 trillion