When Alison, a college math professor, leaves her job at a small rural college and starts looking for a job at a large urban university, she is _____.
(A) Frictionally unemployed
(B) Structurally unemployed
(C) A discouraged worker
(D) Cyclically unemployed
Ans: (A) Frictionally unemployed
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In relation to prices that would prevail in an uncontrolled market, prices charged by a black market are usually
a. lower, since it is hard for the sellers to locate buyers. b. lower, since it is hard for the buyers to locate sellers. c. higher, since black marketers expect compensation for the risk of being caught. d. higher, since most people enjoy goods more if they are illegal.
Which of the following will occur if a legal price floor is placed on a good below its free market equilibrium?
A. Surpluses will develop B. Shortages will develop C. Underground markets will develop D. The equilibrium price will ration the good E. The quantity sold will increase
In a classical model
A. equilibrium real GDP is neither determined by aggregate supply nor by aggregate demand. B. equilibrium real GDP is determined by both aggregate supply and aggregate demand. C. equilibrium real GDP is determined by the government. D. equilibrium real GDP is supply determined.
The advantage in the production of a product enjoyed by one country over another when it uses fewer resources to produce that product than the other country does is
A. an absolute advantage. B. a comparative advantage. C. a productive advantage. D. a relative advantage.