Persons who have given up looking for work are classified as
A. unemployed.
B. discouraged workers.
C. in the labor force.
D. temporarily unemployed.
Answer: B
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With respect to Figure 3.1, the classicists argued that
a. the relevant aggregate supply curve is labeled B. b. the curves labeled B and G are both relevant during recessions. c. only the supply curve labeled M is important. d. None of the above
A similarity between monopoly and perfect competition is that both types of firms are able to earn economic profits in the short run.
Answer the following statement true (T) or false (F)
Starting from long-run equilibrium, a war that raises government purchases results in ________ output in the short run and ________ output in the long run.
A. lower; potential B. higher; potential C. higher; higher D. lower; higher
The book cites a result where after of the implementation of the congestion tax in Stockholm, Sweden of $1.50-$3.00, traffic volume was reduced and travel time for cars and buses was cut in half. This is an example of:
A. responding to incentives. B. the role of pricing in allocating resources. C. caveat emptor. D. comparative advantage.