A headline states: "Real GDP falls again as the economy slumps." This condition is most likely to produce what type of unemployment?
A. natural
B. frictional
C. structural
D. cyclical
Answer: D
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If an increase in a person's income causes that person to buy more apples, then apples are
a. neutral with respect to price b. complements c. inferior goods d. normal goods e. substitute goods
Real GDP is the product of the
a. total hours of work times the labor force. b. labor force times the output per hour. c. nation's capital stock times the output per hour. d. total hours of work times the output per hour.
When a previously licensed pesticide is reevaluated
a. it can be restricted in use, but not banned b. a Reregistration Eligibility Decision document is issued in the final phase of the process c. it must becomepart of an Integrated Pest Management program d. all of the above
A profit-maximizing firm employs resources to the point where
A. MRP = MRC. B. MP = product price. C. MRC = MP. D. resource price equals product price.