John Steinbeck's Cannery Row describes a character who takes his own life because of poor job prospects. If he was an unemployed person who gave up looking for work, he would be considered:
a. a member of the labor force.
b. chronically unemployed.
c. frictionally unemployed.
d. a discouraged worker.
d
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Local governments wanting to keep their tax base from eroding away should choose _____
a. income taxes b. sales taxes c. property taxes d. excise taxes
Consider John, who purchases an insurance policy on a racquetball racket that he has acquired. He then proceeds to hit his racket against the wall every time he losses a point. This is an example of
A. an adverse selection problem. B. co-insurance. C. a moral hazard problem. D. signaling.
In the United States, the board of directors of corporations have a fiduciary responsibility to:
A. set the prices of the products the corporation produces. B. represent the interest of its shareholders. C. operate the company on a day-to-day basis. D. raise investment capital in their spare time.
Starting from long-run equilibrium, a large tax cut will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. expansionary; higher; higher B. expansionary; higher; potential C. recessionary; higher; potential D. recessionary; lower; lower