Which of the following statements about unemployment is TRUE?
A. Most spells of unemployment are long.
B. Most of the time spent unemployed is accounted for by the long-term unemployed.
C. The long-term unemployed make up only a small fraction of the unemployed.
D. Most people who become unemployed remain unemployed for a long time.
Ans: B. Most of the time spent unemployed is accounted for by the long-term unemployed.
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In evaluating the degree of economic efficiency in a market, we can state that the size of the deadweight loss in a market will be smaller
A) the greater the difference between marginal cost and average revenue. B) the smaller the difference between marginal cost and price. C) the greater the difference between marginal cost and price. D) the smaller the difference between marginal cost and average total cost.
Suppose it takes roughly two years for monetary policy to have a significant impact on inflation
If inflation is currently low but policymakers believe inflation will rise over the next two years with an unchanged stance of monetary policy, when should they tighten monetary policy to prevent the inflationary surge? A) now B) wait until overt signs of inflation appear C) next year D) two years later