Related to the Economics in Practice on Page 226: Because

question 41

Multiple Choice

Related to the Economics in Practice on page 226: Because land is demand determined, an acre of land in downtown San Francisco, California ________ an acre of land in downtown Knoxville, Tennessee.

• A) would most likely cost more than
• B) would most likely cost less than
• C) should cost approximately the same as
• D) would cost exactly the same as

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Definitions:

Cyclical Unemployment

Unemployment that results from business cycle fluctuations and the imbalances in supply and demand that arise in the economy over time.

Discouraged Workers

Individuals who are not actively looking for work because they believe no jobs are available for them or there are no jobs for which they would qualify.

Cyclical Unemployment

A type of unemployment that corresponds with the cyclical trends in growth and production that occur within the business cycle.

Labor Force

The total number of people available to work, including those currently employed and those actively seeking employment, within a particular economy.