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When Cyclical Unemployment Is Zero

question 157

Multiple Choice

When cyclical unemployment is zero,

Understand the issue of source bias in the media and its effects on objectivity.
Know the initial regulatory functions of the FCC and their impact on broadcasting.
Distinguish between professional standards of journalism and practices that are not considered standards.
Analyze the current state and trends of television network news.

Definitions:

Comparative Advantage

A theory that suggests a country should specialize in producing and exporting goods and services for which it has the lowest opportunity cost.

Resources

Land, labor, capital, and entrepreneurial ability used to produce goods and services.

Comparative Advantage

The ability of an individual, firm, or country to produce a good or service at a lower opportunity cost than competitors, leading to specialized production and trade.

Absolute Advantage

A situation in which a country, individual, or company can produce a good at a lower cost per unit than competitors.

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