The advice to "retrain" would be most appropriate for which of the following types of unemployment?
a) Cyclical unemployment
b) Structural unemployment
c) Frictional Unemployment
d) Core Unemployment
Ans: b) Structural unemployment
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The opportunity cost of a good increases as more of it is produced because
A) producing more of a good requires additional resources. B) the number of forgone alternatives also increases. C) resources are not equally productive in all activities. D) people want the good less as more is produced. E) there is no such thing as a free lunch.
Dairy price supports have the effect of _____
a. decreasing the value of farmland b. increasing the value of farmland c. destroying farmland d. increasing consumption of dairy products
The supply-of-money curve is almost perfectly inelastic because:
a. as interest rates rise, people will want to be supplied with more loans b. the Fed makes more money available in response to higher interest rates. c. banks generally find loans more profitable than keeping their assets as cash in their vaults or reserve deposits at the Fed, whether interest rates are 4% or 10%. d. the Fed lowers the discount rate as interest rates rise.
If the velocity of money falls from 1.95 to 1.85, the decline in velocity implies that:
A. inflation increases. B. the money stock grows faster than nominal GDP. C. inflation decreases. D. the money stock grows more slowly than nominal GDP.