Frictional unemployment includes
A) unemployment caused by normal labor turnover associated with people leaving and entering the labor force.
B) unemployment caused by industries moving overseas to better meet foreign competition.
C) unemployment caused by a lack of education so that workers do not possess necessary job skills.
D) unemployment caused by automation of the work place that displaces unskilled workers.
A
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Jack had an accident that caused a damage of $4,200 to his car. He had to pay $500 for repair while his insurer paid the remaining amount. Why do insurance companies have such policies?
What will be an ideal response?
China chooses to have ________ and ________ and therefore, cannot have free capital mobility at the same time
A) a fixed exchange rate; no control of monetary policy B) a fixed exchange rate; an independent monetary policy C) a flexible exchange rate; an independent monetary policy D) a flexible exchange rate; no control of monetary policy
An appropriate test of the effectiveness of an economic model is
A) the number of variables contained within the model. B) the model's ability to predict future economic activity. C) the number of economists who have worked on the model. D) the number of assumptions which the economist has made.
Why is it important for consumers to know the change in relative price of a good or service they consume?
a. It allows them to calculate the actual rate of inflation. b. It helps them understand whether they are still getting the most “bang for their buck.” c. It allows them to calculate how much more expensive one good is compared to another. d. It helps them understand that any increase is due to inflation.