An important development during the Great Recession (roughly 2008-2012) was that
A. the unemployment rate increased dramatically but the average unemployment spell remained constant at about 8 weeks of unemployment.
B. more than 35 percent of all unemployed workers remained unemployed for more than 26 months.
C. the amount of frictional and seasonal unemployment increased dramatically while the amount of structural unemployment decreased substantially.
D. more than 70 percent of all unemployed workers exited unemployment within 5 weeks; however, most of this movement was due to the unemployed becoming discouraged and exiting the labor force rather than finding a job.
E. most than 50 percent of all unemployed workers remained unemployed for 13 to 26 weeks.
Answer: E
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From Figure 8-5, one can deduce
A. TR = TC at outputs 10 and 60. B. MR = MC at output 35. C. TFC = 100. D. All of the responses are correct.
A balanced budget is present when:
a. the economy is at full employment. b. the actual level of aggregate spending equals the planned level of spending. c. public sector spending equals private sector spending. d. government revenues equal government expenditures.
Olivia was accepted by Northwestern and by another university. She is trying to decide where to go. Which of the following should influence her decision?
a. how much she spent applying to Northwestern, and the difference between living expenses at Northwestern and the other university b. how much she spent applying to Northwestern, but not the difference between living expenses at Northwestern and the other university c. the difference between living expenses at Northwestern and her second choice, but not how much she spent applying to Northwestern d. neither how much she spent applying to Northwestern nor the difference between living expenses at Northwestern and her second choice
After browsing several pairs of shoes, Bob buys a pair of Nike running shoes. Economists would say that:
A. Bob is revealing his strong distaste for New Balance running shoes. B. Bob made a poor choice, if he really prefers Adidas. C. Bob will get more utility per dollar from the Nike running shoes than any other in the store. D. Bob is revealing he will always choose Nike over any other shoe brand.