A person who voluntarily quits his/her job in New York and expects to get a similar job in Los Angeles is an example of:
A. structural unemployment.
B. cyclical unemployment.
C. durational unemployment.
D. frictional unemployment.
Answer: D
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Consider the accompanying figure representing the labor market below. Suppose the government passes a minimum wage requiring employers to pay at least $8.00 per hour.
Employment will fall by ________ person-hours per day as a result of the minimum wage.
A. 4,000 B. 2,000 C. 6,000 D. 8,000
In the banking system today, the reserves banks hold against their deposit liabilities must take one of two forms. They are
A) vault cash and deposits at the Fed. B) vault cash and checkable deposits. C) currency in circulation and checkable deposits. D) gold and vault cash.
Refer to the above table. What is the marginal utility for the 10th unit for Michael and for Rosie?
A. Michael: 10; Rosie: 10 B. Michael: -10; Rosie: 10 C. Michael: 15; Rosie: 20 D. Michael: 50; Rosie: 50
Time lags between the production decision and the resultant harvest contribute to
A. Price stability. B. Price instability. C. Loss. D. Profit.