Which of the following scenarios best illustrates the concept of cyclical unemployment?
a. Grace loses her job because of new automated machinery.
b. Sean quits his job to look for work that is more fun.
c. Ellen quits looking for work because she doesn't think she can find a suitable job.
d. Marian loses her job because of a recession.
d
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Which fundamental economic question is most closely related to the issues of income distribution and poverty?
a. The What to Produce question. b. The Why to Produce question. c. The How to Produce question. d. The For Whom to Produce question.
Which of the following was an effect of the affordable housing law in the cities Palo Alto, Laguna Beach, and Irvine?
a. It imposed a per-unit tax on builders of mid-range houses. b. The law had a significant impact on the mid-range houses. c. It imposed a per-unit tax on builders of expensive new houses. d. The law had a significant impact on the supply of mid-range houses.