During the early 1990s, many workers in military-related industries lost their jobs as the defense budget was reduced. Unemployment of this type is called
a. cyclical unemployment.
b. the natural rate of unemployment.
c. frictional unemployment.
d. structural unemployment.
D
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Correlation of the regression error across observations
A) results in incorrect OLS standard errors. B) makes the OLS estimator inconsistent, but not unbiased. C) results in correct OLS standard errors if heteroskedasticity-robust standard errors are used. D) is not a problem in cross-sections since the data can always be "reshuffled."
Figure 3-18
Refer to . Which area represents consumer surplus at a price of P1?
a.
ABD
b.
ACF
c.
BCDE
d.
DEF
The IMF offers loans to developing countries in times of balance of payment constraints, but the IMF also faces strong criticisms because:
A. contractionary fiscal policy and expansionary monetary policy tend to be ineffective against balance of payment constraints. B. contractionary fiscal and monetary policies are always undesirable for any developing country. C. it employs economists that know little about developing countries and their economic affairs. D. the conditions tend to be procyclical, therefore worsening the recessions.
Assume the total utilities corresponding to the first four units of a product consumed are 8, 12, 14, 15, respectively. The marginal utility of the third unit consumed is:
A. 2. B. 14. C. 4. D. 34.