Unemployment that is of a short duration to allow time to find a new job is:
A. structural unemployment.
B. cyclical unemployment.
C. frictional unemployment.
D. durational unemployment.
Answer: C
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The gold standard prevented a nation from controlling its domestic economy through monetary policy.
Answer the following statement true (T) or false (F)
For a number of years, General Motors used a pricing strategy designed to maintain at least 40 percent of the American car market. Does this strategy suggest that GM was maximizing profits or pursuing an alternative strategy?
Despite some problems with equating GDP with economic well-being, higher real GDP per person does imply greater economic well-being because it tends to be positively associated with:
A. better education, health and life expectancy. B. poverty, depletion of nonrenewable resources, and congestion. C. crime, pollution, and economic inequality. D. unemployment, availability of goods and services, and better education.
Figure 5-16
Figure 5-16 shows Adam’s purchases of bananas and apples when apples cost $5 each and bananas $4 each. The information implies that Adam’s income
A. must be $9. B. must be $20. C. must be $40. D. cannot be determined without further information.