Cyclical unemployment is the result of
A) the search process of matching workers with jobs.
B) a slowdown in the economy.
C) a persistent mismatch between the skills and characteristics of workers and the requirements of the jobs.
D) the ups and downs in inflation.
B
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The above figure shows the U.S. market for replacement cell phone batteries. Area E is the
A) producer surplus when there is free trade. B) deadweight loss from tariff. C) tariff revenue. D) increase in producer surplus due to the tariff. E) gain in total surplus due to the tariff.
The creation of the European Monetary Union in 1999 lowered nominal interest rates in countries like Italy, because:
a. The creation of a supranational central bank reduced expected inflation. b. The supranational central bank increased the money supply rapidly, thereby causing interest rates to fall. c. Actually, interest rates in Italy exploded after the creation of the European Monetary Union, due to the lack of initial confidence in the European Central Bank. d. All of the above. e. None of the above.