Which type of unemployment is the consequence of downturns in the business cycle?
A) structural
B) expansionary
C) cyclical
D) natural
E) frictional
C
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Suppose hamburgers and hotdogs are substitute goods. Other things constant, a rise in the price of hotdogs would tend to
A) decrease the demand for hotdogs. B) decrease the demand for hamburgers. C) increase the demand for hotdogs. D) increase the demand for hamburgers. E) do any of the above, because nobody needs hotdogs or hamburgers.
Refer to the above table. Suppose the marginal revenue product of the 5th worker is $800. This implies that
A) the price of the good is $5.33. B) the price of the good is $8. C) the price of the good is $70. D) we cannot tell what the price of the good is without more information.
The rate of interest written on a contract between a borrower and a lender is the
a. nominal interest rate. b. real interest rate. c. implied interest rate. d. expected interest rate.
National income is
a. personal income of individuals minus the taxes they pay. b. gross national product minus depreciation. c. employee compensation, self-employment income, interest, rents, plus corporate profits. d. consumption, investment, government expenditures, and net exports.