Hector voluntarily left his job to search for a job in accounting, the field in which he has his bachelor's degree. Hector is considered:
A. structurally unemployed.
B. cyclically unemployed.
C. frictionally unemployed.
D. not to be unemployed.
Answer: C
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Which of the following is true about the Federal Reserve and its ability to prevent recessions? The Federal Reserve
A) can fine tune the economy and realistically hope to keep the economy from experiencing recessions. B) cannot realistically fine tune the economy and has little to no effect on the magnitude and length of recessions. C) cannot realistically fine tune the economy, but seeks to keep recessions shorter and milder than they would otherwise be. D) does not try to eliminate recessions, but instead focuses on preventing inflation.
Suppose the government does not provide an incentive payment to producers under a production quota policy, and the amount that may be produced and sold by firms is limited by law in order to raise the market price to the support price
Do producers still gain surplus value under this version of the production quota policy? A) Yes, they would always achieve a larger producer surplus under this version of the policy B) Yes, as long as the surplus value gained from consumers exceeds the amount of producer surplus lost from production quantities that are no longer produced C) No, they would always face a decrease in producer surplus without the government incentive payment D) No, the change in producer surplus is always negative due to the gains achieved by consumers
Explain why foreign trade imbalances do not always create problems
The Federal Reserve will tend to tighten monetary policy when
a. interest rates are rising too rapidly.
b. it thinks the unemployment rate is too high.
c. the growth rate of real GDP is quite sluggish.
d. it thinks inflation is too high today, or will become too high in the future.