Exhibit 12-3 Unemployment categories
CategoryWorkers
Frictional unemployment250
Structural unemployment350
Cyclical unemployment600
Discouraged workers400
Underemployment450
According to data in Exhibit 12-3 and assuming the total number people working is 8,400, the civilian labor force is
A. 7,550.
B. 9,600.
C. 8,400.
D. 8,800.
Answer: B
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An increase in input productivity will ________.
A. reduce aggregate demand B. reduce the equilibrium price level, assuming downward flexible prices. C. shift the aggregate supply curve leftward D. reduce the equilibrium real output
Refer to Figure 13-11. What is the monopolistic competitor's profit maximizing price?
A) P1 B) P2 C) P3 D) P4
Refer to Scenario 2.2. Under what circumstances will the equilibrium level of output of dental care increase?
A) If supply shifts more than demand. B) If demand shifts more than supply. C) If both demand and supply shift by the same magnitude. D) If supply and demand both decrease.
The term market mechanism refers to
A. Resource allocation based on a production possibilities curve. B. Resource allocation based on consumer needs. C. The use of market prices and sales to signal desired output. D. Government laws and regulations concerning how the market should operate.