Which statement CORRRECTLY describes "structural unemployment"?
A) Structural unemployment occurs mainly during recessions.
B) Structural unemployment is also called "frictional unemployment."
C) Structural unemployment occurs even when the economy is at the natural unemployment rate.
D) The amount of structural unemployment depends on normal labor turnover.
C
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If Canada has a comparative advantage relative to Mexico in the production of timber, then
A) the opportunity cost of production for timber is lower in Canada than in Mexico. B) the explicit cost of production for timber is lower in Canada than in Mexico. C) the implicit costs of production for timber are higher in Canada than in Mexico. D) the average cost of production for timber is lower in Canada than in Mexico.
A trade deficit can produce inflation when a country and its trading partners are on the gold standard or a bi-metallic system
Indicate whether the statement is true or false