Unemployment that results from business recessions that occur when aggregate demand is insufficient to create full employment is
A) frictional unemployment.
B) structural unemployment.
C) cyclical unemployment.
D) seasonal unemployment.
C
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Small-denomination time deposits refer to certificates of deposit with a denomination of less than
A) $1,000. B) $10,000. C) $100,000. D) $1,000,000.
A union can induce a rise in equilibrium wages in a unionized industry by
A) not striking. B) successfully increasing the demand for union labor. C) successfully decreasing the demand for union labor. D) reducing the marginal revenue product of firms employing union labor.
If five firms constitute all of the producers in the wristwatch industry, we would call this market a duopoly.
Answer the following statement true (T) or false (F)
A critical assumption in economist A. P. Lerner's theory explaining why society's total utility is maximized with income equality is
a. there is no "level playing field" in people's choice of employment b. people have identical utility functions c. the rich earn their income by exploiting the poor d. people have equal skills if given equal opportunity e. the law of diminishing marginal utility does not apply to money