A person who is switching careers and is unemployed while looking for a better job is an example of
a. Cyclical Unemployment
b. Frictional Unemployment
c. Structural Unemployment
d. Reciprocal Unemployment
e. Transitional Employment
b. Frictional Unemployment
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The following are all determinants of income differences examined in the text EXCEPT
A) age. B) marginal productivity. C) inheritance. D) height.
Policymakers have the ability to affect:
A. the economic incidence of a tax burden on the buyer and seller. B. the relative economic incidence of the tax burden on the rich and the poor. C. whether the buyer or seller will bear the actual burden of the tax. D. how the tax is shared between buyer and seller.
An association of workers that presents itself as a single seller of labor on the labor market is called a
a. monopsony b. monopoly c. labor union d. minimum wage e. labor supply curve
When a local casino spends millions in TV ads convincing town residents to reject another casino's bid to operate in the area, the most that the casino would be willing to spend is:
A. the producer surplus gained by being a monopoly. B. the consumer surplus gained by being a monopoly. C. deadweight loss. D. total economic surplus.