Economic Expansions

1. Unemployment that naturally occurs during the normal workings of an economy as people change jobs and move across the country is called

 

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  natural unemployment.
  frictional unemployment
  structural unemployment
  cyclical unemployment.

 

2.The economy needs some unemployment to operate efficiently, because without it

 

  firms will find it difficult to recruit workers, leading to increased wages and prices.
  firms will find it difficult to recruit workers, leading to reduced wages and prices.
  workers will find it difficult to find a job, leading to increased wages and prices.
  workers will find it difficult to find a job, leading to reduced wages and prices.

 

3.Economic expansions might lead to inflation because an expansion leads to

 

  a decrease in the unemployment rate, which increases wages.
  an increase in the unemployment rate, which increases wages.
  a decrease in the unemployment rate, which decreases wages.
  an increase in the unemployment rate, which decreases wages.

 

4.The value of a dollar

 

  is its purchasing power.
  remains constant over time.
  is its face value.
  is set by the government.

 

5.Technological progress occurs when the economy gets more output

 

  without any more capital or labor.
  by using more capital per worker.
  by using more capital but not more workers.
  by using more labor but not more capital.

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