Introduction to Economics — Cumulative exam Answers

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As a result of decreased production, David lost his job designing cars. Which terms can be used to describe David? Select two options.

A
cyclically unemployed
B
domestically unemployed
C
frictionally unemployed
D
structurally unemployed
E
still employed
F
unemployed
22
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What type of labor force might a pottery factory want to focus on when hiring?

A
highly skilled
B
highly wealthy
C
highly educated
D
highly localized
23

"Everyone’s rights should be protected" is an argument

A
for competition.
B
against competition.
C
for regulation.
D
against regulation.
24

A possible result of disequilibrium is

A
excess demand.
B
lower demand.
C
fixed prices.
D
stable availability.
25

Read the paragraph.Government officials in Country M have determined that they need to take action to encourage the growth of their economy. To do this, they have introduced an incentive policy that offers citizens free education. This is extended to all individuals who sign a contract agreeing to work within their specific industry for the next ten years.Country M hopes to encourage economic growth by investing in

A
education to reduce unemployment and increase production.
B
new technologies to produce goods that are in great demand.
C
resources that can be traded with other nations.
D
research to develop goods that can be sold on a global scale.

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