If employees lose jobs because their skills are obsolete, or their company has moved to another location, this is called:
a. frictional unemployment
b. cyclical unemployment
c. structural unemployment
d. seasonal unemployment
Answer: c. structural unemployment
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Buyers and sellers of a particular good make up the:
A. demand for the good. B. production possibilities curve for the good. C. market for the good. D. supply for the good.
For the economy as a whole, about what percentage of total firm revenue is spent on advertising?
If we assume that labor is the only variable input, the slope of the short-run ________ curve measures the marginal product of labor.
A. total cost B. average product C. total product D. marginal product
Answer the following statements true (T) or false (F)
1) Because families can afford to have more children, population growth is greater in the IACs than in the DVCs. 2) The capricious universe view is the idea that the IACs are exploiting the DVCs. 3)An advantage of direct foreign investment (compared to foreign loans) is that management skill and technological knowledge often accompany such capital flows. 4) Reduction of tariff barriers against DVC imports would benefit both the DVCs and the IACs.