Auto workers laid off from Hot-Rod Autoworks as the result of a recession are considered:
A. structurally unemployed.
B. cyclically unemployed.
C. frictionally unemployed.
D. seasonally unemployed.
Answer: B
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A value of the absolute price elasticity of demand equal to 0.6 indicates that
A) a 6 percent increase in price leads to a 10 percent decrease in quantity demanded. B) a 10 percent increase in price leads to a 6 percent decrease in quantity demanded. C) a 0.6 percent increase in price leads to a 1 percent decrease in quantity demanded. D) a 1 percent increase in price leads to a 6 percent decrease in quantity demanded.
The Civil Aeronautics Board (CAB) was:
a. established in 1934 and reorganized in 1984. b. established in 1938 and eliminated in 1984. c. established in 1938 and reorganized in 1991. d. never a regulatory agency.
Scooters are a normal good and buyers' incomes decrease. Which of the figures above best illustrates how this change affects the demand curve for scooters?
A) Figure A B) Figure B C) Figure C D) Figure D E) None of the above answers is correct because the decrease in income will affect the supply curve not the demand curve.
What happened after the failure of the Bank of the United States in late 1930?
a. The stock market experienced a major crash. b. The FDIC stepped into cover deposits. c. People converted currency into deposits. d. Many banks stopped lending excess reserves.