Kevin has lost his job in an automobile plant because of the use of robots for welding on the assembly line. Kevin plans to go to technical school to learn how to repair microcomputers. The type of unemployment Kevin is faced with is:
a. Cyclical
b. Natural
c. Structural
d. Frictional
c. Structural
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Taco Bell produces both tacos and burritos because when it does so, Taco Bell experiences
A) economies of scope. B) decreasing scope of costs. C) increasing normal profit. D) economies of scale.
________ is a good measure of the opportunity cost of holding money
A) The real interest rate B) Liquidity preference C) Real income D) The inflation rate E) none of the above
In the production function, the variable K represents human capital
Indicate whether the statement is true or false
If the Consumer Price Index for a certain year is 120, this means that the average price of consumer items in that year was
A) 120% higher than the average price in the base period 1982-84 B) About $120 per basket of consumer goods and services C) 20% higher than the average price in the base period 1982-84 D) 20% higher than the average price of the preceding year