A person who is unemployed because of a mismatch between the person's skills and current employment requirements is experiencing
A) frictional unemployment.
B) structural unemployment.
C) cyclical unemployment.
D) seasonal unemployment.
B
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To construct an ordinary demand curve for good X,
a. change the price of good X in the consumer choice diagram and observe the change in the quantity of good X among the optimum market baskets. b. change the prices of both goods in the consumer choice diagram and observe the change in the quantity of good X among the optimum market baskets. c. change the price of good Y in the consumer choice diagram and observe the change in the quantity of good X among the optimum market baskets. d. change the consumer's income in the consumer choice diagram and observe the change in the quantity of good X.
The free-rider problem can arise when consumption of a good is
A) rival. B) excludable. C) nonrival but excludable. D) nonexcludable.
A cooperative equilibrium is most likely to arise in a
A) single-play game with a large number of players. B) single-play game without communication. C) repeated game with a large number of players. D) repeated game with a small number of players.
Refer to Figure 2-10. If the economy is currently producing at point E, what is the opportunity cost of moving to point D?
A) 16 thousand spoons B) 26 thousand forks C) 20 thousand forks D) 0 spoons