Johnny has been working in a sandwich shop full-time while he attends college. When he graduates, he quits the sandwich shop and begins to search for full-time employment related to his college degree. Johnny would be considered:
A. structurally unemployed.
B. cyclically unemployed.
C. classically unemployed.
D. frictionally unemployed.
Answer: D
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Marginal utility diminishes as consumption of a good decreases
Indicate whether the statement is true or false
If two events are positively correlated but NOT perfectly correlated, then
A) diversification is not necessary since there is no risk. B) diversification eliminates all risk. C) diversification does not reduce risk at all. D) diversification can reduce risk.
When negative externalities exist in a market, if the producers are forced to pay a Pigouvian tax then:
A. those who interact in the market will lose surplus. B. those who interact in the market will gain surplus. C. producers will gain surplus. D. those who do not interact in the market but are affected by the externality will lose surplus.
If an increase in income leads to a decrease in the demand for popcorn, then popcorn is
A) an inferior good. B) a neutral good. C) a necessity. D) a normal good.