Name at least three causes of unemployment.
What will be an ideal response?
Some unemployment results from a slowdown in the economy or from seasonal fluctuations in demand. Other reasons include people changing jobs or employers requiring different skills than job candidates have.
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Because of the free-rider problem, ________
A) there is an efficient allocation of resources for common resources B) private provision leads to the production of more than the efficient quantity of a public good C) private provision leads to the production of less than the efficient quantity of a public good D) the public uses too little of a common resource
The substitution effect is the concept that changes in consumption of a good result from changes in the relative price of a competing good
a. True b. False Indicate whether the statement is true or false
Fiscal policy is:
A. government decisions about the level of taxation and public spending. B. congressional budget office decisions. C. the decisions that affect the available money supply in the economy. D. government decisions about the level of the interest rate in the economy.
If the economy is represented in the graph shown and is currently at point E3, then the economy must be in:
A. a recession. B. an economic boom. C. an economic recovery. D. long-run equilibrium.