The unemployment that occurs when people first enter the labor force or when they are in the process of changing jobs, is called:
A. frictional unemployment.
B. cyclical unemployment.
C. structural unemployment.
D. natural unemployment.
Answer: A
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Starting from long-run equilibrium, a large tax increase will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. recessionary; lower; potential B. expansionary; lower; potential C. expansionary; higher; potential D. recessionary; lower; lower
The demand curve for labor of Coca-Cola manufacturers will shift to the right if the
a. wages of Coca-Cola workers decrease b. price of Coca-Cola decreases c. supply curve of Coca-Cola workers shifts to the left d. price of Pepsi decreases e. new technology shifts the MPP of Coca-Cola workers to the right
Refer to the graphs shown. Which of the graphs correctly depict the long-run Phillips curve?
A. A B. B C. C D. D
Refer to the diagrams. If $4 is Firm B's profit-maximizing price, its:
A. ATC must be $4.
B. MC must be $4.
C. MR must be $4.
D. MC must be zero.