In 2005, General Motors announced a 20% reduction in its staffing levels and the closure of many assembly plants. Those laid off as a result would likely be classified as
A. cyclically unemployed.
B. seasonally unemployed.
C. frictionally unemployed.
D. structurally unemployed.
Answer: D
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A key difference between tariffs and quotas is that
A) consumers are hurt with quotas but not with tariffs. B) consumers are hurt with tariffs but not with quotas. C) the government receives revenue with tariffs, but the importer receives added profit with quotas. D) the government receives revenue with quotas, but the importer receives added profit with tariffs.
Compared to a direct cash transfer payment of an identical amount, food stamps make individuals who desire less food than the value of the food stamps _____
a. better off b. worse off c. indifferent between food and all other goods d. prefer food too all other goods on the margin
Which of the following represents positive economics?
a. Policy A is fair. b. Outcome B is the best objective to achieve. c. If policy A is followed, then outcome B results. d. All of these.
Falling output, in the short run, could be due to:
A. an increase in short-run aggregate supply. B. a reduction in aggregate demand. C. an increase in long-run aggregate supply. D. an increase in aggregate demand.