One of the factors contributing to the existence of frictional unemployment is
a. automation.
b. labor union strikes.
c. occupational mobility.
d. falling real GDP.
c
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If the income elasticity of demand for a good is 2, then when income rises 10 percent, the quantity demanded
A) increases 2 percent. B) increases 20 percent. C) decreases 2 percent. D) decreases 20 percent. E) increases 12 percent.
A labor force survey in Brownland records the following data:
Employed: 189,000 Unemployed: 15,000 Not in the labor force: 84,000 a) Calculate the unemployment rate. b) Calculate the labor force participation rate.
Ms. Smith has $10,000 in her saving account that pays her a 3% interest rate. If the inflation rate is 5%, Ms. Smith will
a. gain buying power because both the interest rate and the inflation rate are positive. b. lose buying power because the inflation rate is positive. c. lose buying power because the inflation rate is greater than the interest rate. d. lose buying power because the interest rate is low.
The national debt is unlikely to cause national bankruptcy because the:
A. national debt can be refinanced by issuing new bonds. B. interest on the public debt equals GDP. C. national debt cannot be shifted to future generations for repayment. D. federal government cannot refinance the outstanding national debt.