Structural unemployment
A) falls during the expansion phase of the business cycle.
B) falls as the pace of technological progress increases.
C) generally lasts longer than frictional unemployment.
D) falls when the government provides more generous unemployment compensation benefits.
C
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The assertion that if resources are allocated efficiently, they also are allocated fairly is made by
A) all utilitarians. B) John Rawls, who proposed making the poorest as well off as possible. C) Robert Nozick, who believes that equality of opportunity is fair. D) all economists who understand the big tradeoff.
Use the following graph to answer the next question.
A shift of the aggregate demand curve from AD1 to AD0 might be caused by a(n) ________.
A. decrease in net export spending B. increase in aggregate supply C. increase in investment spending D. decrease in the amount of output supplied
If an increase in the price of a product from $1 to $2 per unit leads to a decrease in the quantity demanded from 100 to 80 units, then the value of price elasticity of demand is
a. -1/3 b. -2 1/3 c. -1/4 d. -3 e. -2/3
"An increase in the federal minimum wage will provide a living wage for the working poor" is:
a. a statement of positive economics. b. a fallacy of composition. c. a tautology. d. a statement of normative economics.