In the 1990s, video recordings were made primarily on tapes. However, in the 2000s DVDs became increasingly popular, leading to a sharp decline in video tapes
As a result, many people who manufactured tapes lost their jobs and didn't have the skills necessary to work making DVDs. This occurrence is best consider an example of A) frictional unemployment.
B) structural unemployment.
C) cyclical unemployment.
D) underemployment.
B
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Government decisions about the level of taxation and public spending are called:
A. fiscal policy. B. monetary policy. C. congressional policy. D. legislative budgeting policy.
Economic stagnation coupled with high inflation is commonly called:
A. stagflation. B. inflationary stagnation. C. stagnatory growth. D. inflagnation.
Figure 9.1 represents the market for used bikes. Suppose buyers are willing to pay $200 for a plum (high-quality) used bike and $50 for a lemon (low-quality) used bike. If buyers believe that 50% of used bikes in the market are lemons (low quality), what fraction of used bikes sold will actually be lemons (low quality)?
A. 8/30 B. 22/30 C. 8/22 D. 30/30
An important insight of international trade theory is that when two countries engage in voluntary trade
A) one country always benefits at the expense of the other. B) it is almost always beneficial to both countries. C) it only benefits the low wage country. D) it only benefits the high wage country. E) it is almost never beneficial to both countries.