Cyclical unemployment is
A) the total of structural and frictional unemployment.
B) created by a recession.
C) part of frictional unemployment.
D) higher when the economy is expanding.
E) always greater than the total of structural and frictional unemployment.
B
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Which of the following increases the equilibrium price of a used car and decreases the equilibrium quantity?
A) an announcement by the U.S. Attorney General that the windows on older cars were made with cheaper glass that can explode at high speeds B) new federal legislation that raises the legal driving age to twenty-four in all states C) a new fee that used car dealers must pay to the government on all sales of used cars D) all of the above because each is consistent with the "law of demand"
Consider someone who borrows $10,000 to buy a car at a fixed interest rate of 4.5%. If inflation is 3% at the time the loan is made, then the loan must be repaid at a real interest rate of ______. But if inflation rises to ______, then the real interest rate on the loan is zero.
a. 1.5%; 7.5% b. 1.5%; 4.5% c. 3%; 7.5% d. 4.5%; 7.5%