Which of the following is NOT used in the video as an example of the kind of shock that causes structural unemployment?
A. The rapid rise of the Internet
B. The Financial Crisis of 2008
C. The opening of trade with China in the 1990s
D. The 1970s oil price shock
Ans: B. The Financial Crisis of 2008
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What will be an ideal response?
A sudden and pronounced loss of value of one nation's currency against others is known as a:
a. currency crisis. b. forced devaluation. c. thinning of value. d. default.
Given a price elasticity of demand of -0.9, a decrease in price will
A. decrease quantity. B. increase total revenue. C. reduce total revenue. D. leave total revenue unchanged.
________ argued for a tax on consumption instead of on income because a tax on income discourages saving by taxing savings twice.
A. Bill Clinton B. John Rawls C. Irving Fisher D. Thomas Hobbes