Cyclical unemployment refers to
a. the relationship between the probability of unemployment and a worker's changing level of experience.
b. how often a worker is likely to be employed during her lifetime.
c. year-to-year fluctuations of unemployment around its natural rate.
d. long-term trends in unemployment.
c
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Which statement best defines producer surplus?
a. the amount that a seller would have liked to have charged, minus the amount that they actually received b. the amount that a seller is paid for a good minus the seller’s actual cost c. the amount that individuals would have been willing to pay, minus the amount that they actually paid d. when it is impossible to improve the situation of one party without imposing a cost on another
Suppose that a new drug has been approved to treat a life-threatening disease. The demand for that drug is shown on the graph below. Prior to approval of this drug, the only treatment for this condition was any one of several non-prescription, or over-the-counter, pain relievers. The demand for one brand of the several non-prescription pain relievers is also shown on the graph. 
A likely reason for the difference in the slopes of the demand curves is that:
A. one market is in equilibrium and the other is not. B. the over-the-counter pain reliever has many substitutes, but the new drug does not. C. one drug is heavily regulated by the Food and Drug Administration and the other is not. D. one drug is new on the market, but the other has been available for a long time.
According to this Application, if a bank does NOT pass the test, the Fed can
A) make the bank raise additional capital from the financial markets. B) prevent the bank from paying out dividends to its shareholders. C) force the bank to close. D) Both A and B are correct.
Which of the following is TRUE?
A) Generally, the lower the country's average income, the less administrative, scientific, and technical capacity it has to design and enforce standards. B) National priorities do not change as income changes—countries of all income levels seem to share the same priorities and values. C) Differences in income are always an obstacle to the harmonization of standards. D) The adoption of a common set of rules usually narrows the market and raises prices.