When the automobile replaced horse-drawn carriages as the principal means of transportation, firms producing horse-drawn carriages went bankrupt and permanently laid off all their workers, thereby increasing
i. seasonal unemployment.
ii. structural unemployment.
iii. cyclical unemployment.
A) i and iii B) ii and iii C) ii only D) i and ii E) i only
C
You might also like to view...
If the United States cuts its government budget deficit, what impact would there be on the IS curve?
A) It would shift right due to higher levels of total spending. B) It would shift left due to lower levels of total spending. C) It would shift left because of lower levels of total spending, and it would shift right if U.S. interest rates decline due to lower borrowing. D) It would shift left because of higher nominal and real interest rates due to increased borrowing.
Rent seeking is the act of obtaining special treatment by ________ to create ________
A) a monopoly; consumer surplus B) the government; economic profit C) consumers; a monopoly D) the government; consumer surplus E) competitive producers; a monopoly