The type of unemployment that occurs because of a recession is called:
a. frictional unemployment.
b. seasonal unemployment.
c. natural unemployment.
d. cyclical unemployment.
d
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The principal reason(s) that so much U.S. currency is held outside the U.S is (are) ________
A) many people around the world trust the U.S. dollar more than any other currency B) banks all around the world find it convenient to hold large amounts of U.S. dollars C) U.S. citizens and corporations spend a lot of dollars abroad D) all of the above E) none of the above
Economics is about the allocation of scarce resources. Which of the following is NOT an example of economic scarcity?
A) If Steve goes to see a movie on Saturday, he will not be able to afford buying ice cream. B) If Jenny studies for her economics quiz this evening, she will not have time to walk her dog. C) If General Motors increases its production of SUVs this year, it will have to spend more on advertising. D) If Barnes and Noble bookstore increases the number of titles it carries, it will have to reallocate shelf space to accommodate the new titles.
If a revenue-maximizing firm is told that the price elasticity of demand is equal to one, it should:
a. raise prices 1 percent. b. lower prices 1 percent. c. raise prices until the elasticity becomes very high. d. keep the price where it is. e. lower prices until the elasticity becomes very high.
Suppose that a university charges students a $100 "tax" to register for business classes. The next year the university raises the "tax" to $150 . The deadweight loss from the "tax" triples
a. True b. False Indicate whether the statement is true or false