Which of the following statements about frictional unemployment is true?
a. It can be eliminated only in a free society.
b. It is a long-term unemployment.
c. It does not exist in developed economies.
d. It is also called structural unemployment.
e. It arises when people choose to change jobs.
e
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If most of the shocks that buffet the economy come from the output market shocks, then
A) fixed exchange rates are better than flexible exchange rates. B) flexible exchange rates are better than fixed exchange rates. C) which system is chosen is not important. D) fixed exchange rates are better than flexible exchange rates only in the short run. E) flexible exchange rates are better than fixed exchange rates only in the short-run.
Exhibit 3A-2 Comparison of Market Efficiency and Deadweight Loss
As shown in Exhibit 3A-2, if the market price falls from P1 to P2, then:
A. total surplus increases. B. deadweight loss increases. C. overproduction increases. D. underproduction decreases.