Wages in excess of their equilibrium level help explain
a. frictional but not structural unemployment.
b. structural but not frictional unemployment.
c. both frictional and structural unemployment.
d. neither frictional nor structural unemployment.
b
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The value of every monetary transaction in the economy would be included in
a. GDP. b. potential GDP. c. personal income. d. national income. e. None of the above.
Refer to the given data. Beta:
Answer the question on the basis of the following production possibilities data for two countries, Alpha and Beta, which have populations of equal size.
A. should specialize in catching fish and trade with Alpha for chips.
B. should specialize in producing chips and trade with Alpha for fish.
C. will not realize gains from specialization and trade.
D. will export both fish and chips to Alpha.