In mid-January of this year, Al Bundy lost his job as a salesman at a local shoe store. The Christmas shopping season had recently ended and most of the gift returns and exchanges had been processed. The owner of the shoe store told Al that his labor services were no longer needed. Which type of unemployment best describes Al’s situation?

Suppose the US dollar appreciates against foreign currencies. How will the US economy be impacted by this event?

  On the diagram of the stereotypical business cycle, the peak is represented by:

Suppose that private banks tighten requirements for lending money to consumers and entrepreneurs, making it more difficult for loans to be obtained. How will the US economy be impacted by this event?

Suppose that China, one of America’s largest trading partners, experiences a severe recession where millions of Chinese citizens lose their jobs. How will the US economy be impacted by this event?

  On the diagram of the stereotypical business cycle, the expansionary phase is represented by:

Which level of government in the US has the ability to respond in a countercyclical manner to events in the economy?

The type of unemployment that economists generally associate with normal growth of the labor force and expanding job opportunities in a dynamic economy is:

According to Say’s Law, all goods produced will be sold:

In Economics, the term underemployment is defined as: