The type of unemployment that occurs because of a recession is called
a. frictional unemployment.
b. seasonal unemployment.
c. natural unemployment.
d. cyclical unemployment.
D
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Which of the following is an example of a natural monopoly?
A) the Pittsburgh Penguins hockey team, a National Hockey League team B) Ford Motors, the large automobile producing company C) Florida Power and Light, an electric utility in Florida D) Sony, the Japanese producer of the Playstation III E) JCPenney, the large department store chain
If MPL = 3, and MRTS = -4 what is MPK?
A) 12 B) -12 C) 3/4 D) -3/4
When considering GDP as a measure of the nation's economic performance, which of the following statements is NOT true?
A. GDP is useful to map changes in the economy's domestic economic performance over time. B. GDP is underestimated because it does not include illegal activities. C. GDP would be a better measure of economic performance if it included nonmarket activities. D. GDP is a good measure of a nation's overall welfare.
Okun's Law has
A. proven to be correct over time in that as GDP increases by 3%, there has been a 1 percentage point decline in unemployment. B. not turned out to be a law-the relationship between changes in GDP and the unemployment rate is more complex than Okun's Law indicates. C. been proven false, because there is a positive relationship between changes in GDP and the unemployment rate. D. been proven to be completely incorrect-there isn't a negative relationship between GDP and the unemployment rate.