John only works in the summer between semesters. What type of unemployment is he experiencing?
a. Frictional
b. Seasonal
c. Structural
d. Cyclical
b
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Suppose that in 2013, all prices in the economy increased by 50% and that all wages and salaries also increased by 50%. In 2013, you were
A) better off than you were in 2012 as your salary was higher than it was in 2012 and you could buy more goods and services. B) worse off than you were in 2012 as you could no longer afford to buy as many goods and services. C) no better off or worse off than you were in 2012 as the purchasing power of your salary remained the same. D) The purchasing power of your salary cannot be determined with the given information, so you cannot determine if you were better off or worse off in 2013 than in 2012.
All of the following observations concerning the elasticity formula are true except
a. the changes with which it deals is measured as a percentage change. b. each of the percentage changes is calculated in terms of the average values. c. the calculation considers both positive and negative signs. d. each percentage change is taken as an "absolute value."
Though the owners of NFL and MLB teams may be able to show that they lose money each year, economists who study the subject insist that they
A. lose the same amount as they do in their other businesses. B. lose money only if they lose games. C. are using phony accounting tricks to come up with those losses, and that every franchise makes money. D. still make money because they can sell their team for much more than they paid for it.
Starting from short-run equilibrium, the following occurs: the money supply increases and labor productivity increases. What is the effect on the price level and Real GDP in the short run?
A) Real GDP falls and the price level necessarily rises. B) Real GDP rises and the price level necessarily rises. C) Real GDP rises and the effect on the price level cannot be determined. D) Real GDP falls and the effect on the price level cannot be determined. E) none of the above