Collin has lost his job with a telemarketing company, which has moved its operation to India. Collin is considered
A) structurally unemployed.
B) frictionally unemployed.
C) seasonally unemployed.
D) a discouraged worker.
A
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In the circular flow, how are the "value of production," "income," and "expenditures" related?
A) They have no relationship to each other. B) Once tax payments are subtracted at each stage, they are equal. C) Expenditures on GDP equals the value of production which equals income. D) Once net exports of goods and services are subtracted from GDP, all three are equal. E) Value of production always equals income, but expenditures is smaller because households save some of their income and do not spend it.
Why does the PPF bow outward and what does that imply about the relationship between opportunity cost and the quantity produced?
What will be an ideal response?
If the graph shown is displaying a competitive labor market:
A. S would represent an individual worker's supply of labor at each wage.
B. S would represent the firm's supply of jobs at each wage.
C. P* would represent the equilibrium wage.
D. Q* would represent the equilibrium wage.
Each of the following is an example of the price mechanism at work, except when
A. wage and price controls were used during World War II to control inflation. B. consumers curtailed driving their cars when the price of gasoline increased dramatically in 2005. C. American farmers during World War I expanded production on previously unused land in response to higher crop prices. D. factories of gas-guzzling automobiles shut down when the price of gasoline triples in less than three months.