Structural unemployment is:
A. short-term unemployment that is associated with the process of matching workers with jobs.
B. the extra unemployment that occurs during periods of recession.
C. long-term and chronic unemployment that exists even when the economy is producing at a normal rate.
D. the additional unemployment not captured in official statistics resulting from discouraged workers and involuntary part-time workers.
Answer: C
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Firms use collective bargaining to set higher market prices for their products.
Answer the following statement true (T) or false (F)
Refer to Figure 2-9. If the two countries have the same amount of resources and the same technological knowledge, which country has an absolute advantage in the production of popsicles?
A) Greenland B) They have the same advantage. C) Iceland D) cannot be determined
The aggregate production function is the relationship between the
a. total cost of labor and the quantity of output in the economy b. total cost of labor and the total real cost of inputs c. quantity of labor employed in the economy and the total quantity of output produced d. cost of labor and the supply of labor e. quantity of labor and the quantity of capital
Though both tariffs and quotas reduce consumer surplus and increase producer surplus in the importing country, the losses in consumer surplus are larger than the gains in producer surplus
Indicate whether the statement is true or false