If a person is laid-off from a job and told that they will be brought back as soon as the economy picks up and demand for their product rises, then economists call this person
A. structurally unemployed.
B. cyclically unemployed.
C. frictionally unemployed.
D. underemployed.
Answer: B
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Suppose that real GDP grows by 3 percent a year, the quantity of money grows 5 percent a year, and velocity does not change. In the long run, the inflation rate equals
A) 3 percent. B) 5 percent. C) 8 percent. D) 10 percent. E) 2 percent.
The issuance of debt involves some intergenerational transfer of income; long after the debt is issued, a new generation of taxpayers must make interest payments on the debt
a. True b. False Indicate whether the statement is true or false
Which elements of GDP were affected by the financial crisis and the lack of available credit?
a. consumption and business investment only b. consumption and government spending only c. consumption, business investment and government spending only d. consumption, business investment, government spending and imports/exports
Which of the following will cause a movement upward along a supply curve?
A. Increases in raw-material costs. B. Increases in labor costs. C. Increases in the cost of machinery. D. Increases in the market price of a good, other things being equal.