Beth has just quit her job, moved to a new city, and is looking for a new job. Beth is
A) frictionally unemployed.
B) structurally unemployed.
C) distance unemployed.
D) cyclically unemployed.
E) locationally unemployed.
A
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A firm selling a good which lacks any good substitutes is called a(n)
a. pure monopoly. b. price discriminator. c. exclusive monopoly. d. natural monopoly.
Park rangers at Yellowstone National Park are known to have low wages. This is probably because
a. park rangers are required to be college graduates. b. park rangers don't need much money to live. c. park ranger jobs are perceived to be dangerous. d. park ranger jobs are perceived to be "fun."
Assume that you are a policy adviser who believes that money demand is highly interest-sensitive but investment is not. Asked your advice on how to pull the economy out of a recession, you are likely to emphasize
A) contractionary monetary policy. B) expansionary monetary policy. C) contractionary fiscal policy. D) expansionary fiscal policy.
Give a short concise definition for the following terms and explain their relationship to the study of economics
a. marginal physical product b. marginal revenue product c. law of diminishing returnsd economies of scale