Which of the following types of unemployment can exist in an economy that is at its potential output level?
a. cyclical unemployment only
b. structural unemployment only
c. frictional, cyclical, and seasonal unemployment only
d. frictional, seasonal, and structural unemployment only
e. there will be no unemployment in an economy that is at the potential output level
D
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People are sometimes seen to give up money to make an allocation more fair. What experiment could be used to determine if this is because people truly care about fairness or because people want to avoid the consequences of others' spite?
a. The Ultimatum Game could be run to see if an even split is proposed. b. The Dictator Game could be run to see if an even split is proposed. c. The Battle of the Sexes could be run to see if players choose the rival's preferred outcome. d. The repeated Prisoners Dilemma could be run to see if players can tacitly collude on Silent.
One of the two reasons why we are driven to buy and sell goods and services in the market is that most of us are incapable of producing everything we want to consume.
Answer the following statement true (T) or false (F)
Rent-seeking behavior refers to
A. a transfer of knowledge between private and public sectors. B. companies that try to increase profit by cutting costs or improving products. C. companies that spend money on influencing government rather than on profit-increasing strategies. D. consumer real estate studies that focus on renting versus buying.
Between 2004 and 2005, the Federal Reserve raised interest rates 11 times. This is an example of
A. contractionary monetary policy. B. discretionary fiscal policy. C. expansionary monetary policy. D. nondiscretionary fiscal policy.