Hailey worked for Autonation and was laid off when car sales fell during a recession with falling incomes. This is an example of
A. cyclical unemployment.
B. seasonal unemployment.
C. frictional unemployment.
D. structural unemployment.
Answer: A
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Which of the following is a consumption good or service?
A) a United Parcel Service truck delivering Christmas gifts B) a personal computer purchased in order to play games at home C) a satellite dish installed by Cox Cable to download programs that are then distributed through its cable system D) a United Airline ticket counter E) the Endeavor space shuttle
Which of the following is the most likely cause of a recession according to the real business cycle model?
a. an unanticipated change in the money supply. b. an increase in taxation, government spending, and regulation. c. a fall in expected profits. d. an anticipated change in the money supply. e. none of the above.
The breakdown of the Bretton Woods system occurred because
a. the world economy was basically unhealthy b. the collapse of world gold production undermined the operation of the system c. the dollar was undervalued d. the dollar was overvalued e. the ten richest countries in the world refused to cooperate any longer
Consider a perfectly competitive industry in a long-run equilibrium. If a single firm in that industry discovers a significant cost-saving production technology, then:
A. all firms in the market will earn an economic profit in the short run. B. the firm will earn an economic profit in the long run. C. all the firms in the market will earn an economic profit in the long run. D. the rest of the industry will quickly adopt the new technology.