Frictional unemployment:
A. refers to unemployment caused by friction between labor and management.
B. refers mainly to unemployment resulting from fluctuations in output.
C. comes from people entering the labor force and changing jobs.
D. is undesirable and should be eliminated at all costs.
Answer: C
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The current income you would sacrifice to start your own lawn-cutting business is part of the
A) cost of doing business. B) present value of your initial investment. C) opportunity cost of invested funds. D) opportunity cost of starting a business.
A fall in demand for a commodity in a perfectly competitive market will shift the long-run supply curve to the right
Indicate whether the statement is true or false
What is the term economists use to discuss cost on a per-unit-of-output basis?
a. short-run cost b. fixed cost c. variable margin cost d. average total cost
A monopolistically competitive firm influences market price by virtue of its size.
Answer the following statement true (T) or false (F)