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Q1)According to economists, the biggest “cost” of unemployment is             a

Economics

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Q1)According to economists, the biggest “cost” of unemployment is

            a.         increased “welfare” expenditures.                           c.         the value of foregone output.

            b.         lost tax revenue.                                                       d.         none of these.

Q2)

Which of the following statements is LEAST correct?

            a.         Inflation is a period of time during which the value of money is rising.

            b.         Affluent people – with assets other than money – can and often do benefit from inflation.

            c.         Both World War II (during the early 1940s) and the Vietnam War (during the late 1960s)

generated what’s known as demand-pull inflation.

            d.         “The Energy Crisis” of the 1970s generated what’s known as cost-push inflation.

Q3) The type of unemployment that economists find most concerning is

            a.         frictional unemployment.                                           c.         structural unemployment.

            b.         cyclical unemployment.                                              d.         voluntary unemployment.