Frictional unemployment is:
A. the additional unemployment not captured in official statistics resulting from discouraged workers and involuntary part-time workers.
B. the extra unemployment that occurs during periods of recession.
C. the unemployment that results when people retire or leave the labor force.
D. short-term unemployment that is associated with the process of matching workers with jobs.
Answer: D
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When representatives vote on behalf of the people and make choices about the quantity of public goods provided,
a. the outcome is socially efficient b. the outcome is the same as if individuals had purchased the goods on the market c. they reflect the views of all people, not just the voters d. voter surveys lead to too much of the public good being bought e. government failure is a likely result
Lyndon Johnson’s “War on Poverty” started in the 1980s.
Answer the following statement true (T) or false (F)
When the price of a product rises, consumers with a given money income shift their purchases to other products whose prices are now relatively lower. This statement describes:
A. an inferior good. B. the rationing function of prices. C. the substitution effect. D. the income effect.
Suppose there are two firms maintaining a cartel agreement. If one firm suddenly drops its price, the other firm could interpret this as signaling:
A. a change in market conditions. B. limit pricing. C. cartel pricing. D. cooperative pricing.