Unemployment that results because it takes time for workers to search for the jobs that best suit their tastes and skills is called
a. the natural rate of unemployment.
b. cyclical unemployment.
c. structural unemployment.
d. frictional unemployment.
d
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Which of the following statements about U.S. inflation is not correct?
a. Low inflation was viewed as a triumph of President Carter's economic policy. b. There were long periods in the nineteenth century during which prices fell. c. The U.S. public has viewed inflation rates of even 7 percent as a major economic problem. d. The U.S. inflation rate has varied over time, but international data show even more variation.
You live in a world where the marginal rate of substitution of food for clothing is two and the price ratio between food and clothing is one. Your world also has labor and capital that has marginal products respectively of two and five. The price of capital is ten and the price of labor is 8. Finally, your world can transform two units of food into one unit of clothing or vice versa. Assuming that all the conditions of general equilibrium are present, what will happen in the various sectors of the economy to bring about general equilibrium?
What will be an ideal response?
If the reserve requirement is 20 percent, and banks keep no excess reserves, an increase in an initial inflow of $100 into the banking system will cause an increase in the money supply of:
A. $100. B. $50. C. $20. D. $500.
There are hundreds of companies in the business of providing natural gas to residential users. For the most part, these local gas companies each only serve their local community, so they buy in very competitive markets but sell locally and without competitors. The retail market is therefore likely to be
A. perfect competition. B. oligopoly. C. monopolistic competition. D. monopoly.