A stock person who is laid off by a department store because retail sales across the country have decreased is _______ unemployed.
a. cyclically
b. chronically
c. structurally
d. frictionally
Answer: a. cyclically
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Refer to Figure 4-8. Suppose that instead of a rent ceiling, the government imposed a price floor of $2,000 per month for apartments. What is the quantity of apartments demanded at the new price?
A) 0 B) 200 C) 300 D) 500
The public choice model assumes that government policymakers
A) must promote the public interest at the expense of their own self-interests in order to be re-elected. B) will pursue their self-interests in personal affairs but only if it does not conflict with the public interest. C) are likely to pursue their own self-interests, even if their self-interests conflict with the public interest. D) will often act irrationally in their personal affairs, but will act rationally when they promote the public interest.
The price charged by a monopolist is socially inefficient because the price
A) exceeds the true marginal cost of the resources used. B) is less than the opportunity cost of the resources used. C) puts the monopolist into a higher tax bracket. D) is too low.
Under a system of flexible exchange rates, transactions that increase the supply of the nation's currency to the foreign exchange market will cause the nation's
a. currency to depreciate in value. b. currency to appreciate in value. c. trade deficit to increase. d. products to become more expensive to foreigners.